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LONDON (Reuters) – The pound sterling on Friday slid to its lowest level in more than two years after the British economy's unexpected contraction in the second quarter, alarming investors who were already worried that Britain would leaves the European Union without an agreement.
The Australian, who lost 3.7% against the US dollar since Boris Johnson was appointed prime minister in late July, fell to $ 1.2056, its lowest level since January 2017.
At 15:50 GMT, the British currency had slightly recovered to reach $ 1.2072, but remained 0.5% lower than the previous close.
Against the euro, the pound sterling also fell to 92.88p, its lowest level in two years.
The British currency is close to the worst performance among developed country currencies in the last two weeks since Johnson became prime minister on July 24th.
According to data from the Office for National Statistics, the British economy contracted at a quarterly rate of 0.2%, the first contraction recorded since 2012. On an annual basis, growth economic slowed down from 1.8% to 1.8% in the first quarter, the lowest performance since early 2018.
(Reuters)
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