Pound Plummets On Renewed Recession Fears As PMI Shows Fastest Contraction Since 2009
July 24, 2016 at 04:52 AM EDT
Sterling plummeted nearly 200 pips on Friday, after rising in early trade to just shy of 1.33, when the latest July Markit flash PMI surveys suggested the UK is heading for a quick recession in the form of a 0.4% GDP contraction in the third quarter.
