Sterling crashes to lowest level in over a month – The Cable

The Sterling has crashed to its lowest level in over a month and has dropped within a whisker of returning back below 1.30, despite the highly-anticipated UK GDP headline reading being announced above expectations at 0.6%.

This headline reading should have alleviated some of the ongoing concerns over slowing economic growth, but it seems that the persistent post-Brexit uncertainty over what the economic fallout could be for the UK economy is continuing to haunt investor attraction and is reducing buying sentiment towards the British Pound.

There is still ongoing speculation that the Bank of England is going to have to unleash further stimulus in some form, which has ensured a weak sentiment towards the Pound. This has been coupled with the worrying PMI data from late last week, suggesting that the UK economy could face a contraction.