The pound has fallen against the dollar and euro today after news the UK's output in the second quarter showed a far less resilient economy than the market predicted.
The Office for National Statistics revealed the UK's gross domestic product (GDP) plunged 0.8% quarter on quarter in the three months to June, after a dramatic 2.4% fall in the first quarter, causing the pound to lose ground. The pound fell to $1.6445 and €1.1576 compared with $1.6479 and €1.1639 at the close of trading on Thursday, as investors reacted to news of the fifth consecutive quarterly decline of UK GDP. The slump was steeper than the average 0.3% forecasted by City economists. "These figures kill any hopes for recovery in the second half of the year and we are going to have...
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