Sterling holds above US$1.30 as dollar weakness outweighs GDP slump | Malay Mail

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LONDON, Aug 12 — Sterling held above US$1.30 (RM5.45) today, clinging on to recent gains on the back of dollar weakness, which outweighed the impact of a record drop in Britain’s economic output. The economy shrank by 20.4 per cent between April and June, when the country’s coronavirus...

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Wednesday, 12 Aug 2020 04:57 PM MYT

LONDON, Aug 12 — Sterling held above US$1.30 today, clinging on to recent gains on the back of dollar weakness, which outweighed the impact of a record drop in Britain’s economic output. “The direction of the print was never in doubt. The drop-off... may be accounted for, in part, by the timing of the lockdown as compared with other economies,” said Kieran Cleere, Director of Market Risk Solutions at Silicon Valley Bank.

June’s GDP data, meanwhile, offered the first window into the recovery as restrictions eased and the economy began to recoup of the losses, growing 8.7 per cent month-on-month.

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