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Sterling falls to 3-week low vs dollar

Written by Business World, on 10th Aug 2017. Posted in World

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Sterling hit a 3-week low against a recovering U.S. dollar on Thursday, falling a third of a percent ahead of industrial output and trade data watched for more signs of the economic impact of the Brexit process.

The pound has lost more than 13% in trade-weighted terms since last year's decision to leave the European Union but Britain's trade deficit with the rest of the world remains huge.

Sluggish output numbers a month ago also weakened sterling further, although a survey by the Confederation of British Industry in late July suggested manufacturing was improving at the fastest rate since the mid-1990s.

By 0755 GMT, sterling was down 0.35 pct on day at $1.2952. It was roughly flat at 90.42 pence per euro. (Reuters)

Source: www.businessworld.ie

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