8/12, 1:13 PM (Source: TeleTrader)
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Pound declines against dollar, euro after GDP data

The British pound on Friday decreased against the United States dollar and the euro after the latest data showed that the United Kingdom economy in the second quarter contracted 0.1% year on year. Furthermore, the country's deficit in the same period reached a data series record.

The Bank of England projected earlier this month that the UK will suffer a recession for five quarters starting in the fourth trimester of 2022.

The euro was 0.29% higher than the sterling, trading at 0.84836 at 1:12 pm CET. The British currency was down 0.56% compared to the greenback, changing hands for 1.21350 at the same time.

Baha Breaking News (BBN) / MS