The pound is tumbling again.
Sterling fell to a low of $1.3151 against the US dollar in London’s early trade, close to the 30-year lows it touched when the pound plummeted in the hours after the result of the British referendum on the European Union.
Data yesterday showed the British construction industry turned in its worst performance since 2009. The Markit / CIPS construction PMI survey turned in a reading of 46.0, when a print just above 50 was expected. Like all PMI surveys, a reading above 50 indicates a sector in expansion, while a number below that level indicates contraction, so the miss was severe.
There has also been market chatter about the impact of Standard Life’s announcement that it is shutting down client withdrawals from its UK property fund.
Here’s the short-term chart for the pound against the dollar, via Investing.com:
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