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Evening Standard
Evening Standard
Business
Simon Hunt

Pound dips after UK economic downturn worsens with private sector output drop

United Kingdom

The pound has erased gains made last night as investors reacted to new data showing private sector output had dropped for the third month running.

The pound lost around two-thirds of a cent against the dollar to $1.1274. It had reached highs of $1.1380 last night as traders welcomed the news that Boris Johnson wouldn’t be running as a candidate to be leader of the Conservative Party.

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