Pound dips to another record low against Singdollar
Reuters file photo
SINGAPORE — The British pound continued its slide to reach a new low against the Singapore dollar on Tuesday (July 5) to hit S$1.7732 at about 3.45pm, ahead of a financial stability review from the Bank of England.
Since Britain voted to leave the European Union, the pound has been falling against the Singdollar.
A survey of purchasing managers from Britain’s dominant services sector for June, which should capture some of the immediate reaction to the UK’s vote to leave the European Union, is due at 0830 GMT (4.30pm, Singapore time). Some investors are anxious that the number could be very weak following Monday’s data showing the construction industry suffered its worst contraction in seven years.
Against the euro, sterling shed 0.7 per cent to 84.58 pence, its weakest since December 2013.
Sterling also fell 0.9 per cent to US$1.3163 in early London trade, its weakest since it hit the low of US$1.3122 it hit last Monday.
