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Pound hits 31-year low after disappointing service sector data

Discussion in 'Market News' started by Lily, Jul 5, 2016.

  1. Lily

    Lily Forum Member

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    PMI for June disappoints and FTSE 250 index falls

    Sterling tumbled to a 31-year low against the dollar and oil dropped below $50 a barrel as concerns deepened over the impact of Brexit on the UK economy.

    Fears that a collapse in demand for new construction projects will turn into a panic spooked investors, depressing shares in housebuilders and property companies. Although the FTSE 100 was 0.4% higher, at 6547, the domestic-focused FTSE 250 mid-cap index tumbled more than 400 points, or 2.7%, to 15,680.

    Related: Mark Carney eases bank lending rules to fight Brexit crisis as pound hits 31-year low - live updates

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