The British pound hit a six-month low on Friday, having lost more than 1% over t...
LONDON - The British pound hit a six-month low on Friday, having lost more than 1% over the week against the dollar after poor economic data and a rise in expectations that the Bank of England will cut interest rates.
Sterling is also headed for its ninth consecutive week of losses against the euro. Analysts say the outlook for the currency is worsening. Added to that, weak purchasing managers’ index surveys suggested the British economy may have contracted in the second quarter, underlining economic fragility amid prolonged uncertainty about how and when Britain will leave the European Union. The UK’s delayed departure date is scheduled for Oct. 31.
Against the euro, the pound was little changed at 89.77 pence EURGBP=D3, leaving it down 0.3% on the week.
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