The pound slumped to its lowest levels against the dollar in more than five and a half years on Friday, after the Office for National Statistics dropped some very disappointing data on the UK construction industry.
Output in the industry surprisingly contracted by 1.1% from the same point in 2014 during November, sending the pound to a low not seen since the aftermath of the 2010 general election.
In mid-2010, political uncertainty surrounding who would form a government after no party won a majority in the general election sent sterling plunging.
The ONS’ data also showed that construction output fell by 0.5% compared to October, and in the three months to November, output slumped by 1.4% from the previous three month period.
As of 2:05 p.m. GMT (9:05 a.m. ET) the pound is trading at $1.434, a fall of 0.51% on the day. Here’s the historical chart:
And here’s what the pound looks like today:
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