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Pound falls after disappointing economic data

by Purvai Dua June 11, 2018

written by Purvai Dua 11^th Jun 18 10:53 am

Was trading at $1.3368 against the dollar

Sterling lost 0.26 per cent value in morning trading today after ONS data reported that British manufacturing output fell by 1.4 per cent in April — at the fastest pace since 2012.

Sterling was trading at $1.3368 against the dollar, and €1.1343 against the euro.

According to the Office for National Statistics (ONS), the wider measure of industrial output also fell, dropping by 0.8 per cent in April. Construction output was also revealed to be weaker than expected, with growth of just 0.5 per cent.

“International demand continued to slow and the domestic market remained subdued,” added ONS statistician Rob Kent-Smith.