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Sterling Declines as UK Output Contracts

March 12, 2013 at 14:01 by Vladimir Vyun

A fan of 20-pound billsThe Great Britain pound dropped today, touching the lowest level since June 2010 against the US dollar, as both factory and industrial production declined in January.

UK industrial output dropped 1.2 percent in January from December. Factory production declined 1.5 percent in the same period. The data confirmed that Britain’s economy is experiencing tough times, driving investors away from the nation’s currency.

GBP/USD fell from 1.4911 to 1.4860 as of 14:01 GMT today, while its daily low was at 1.4830. GBP/JPY went down from 143.57 to 142.92.


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