Sterling hits day’s lows after data; stocks recover

LONDON, July 7 (Reuters) – Sterling slipped to the day’s
lows against the dollar on Friday after industrial output data
for May unexpectedly contracted, posing fresh challenges for the
UK economy.

Sterling fell 0.4 percent to $1.2916 after data
showed industrial production for May contracted by 0.1 percent
on a monthly basis, compared with a forecast 0.4 percent

The currency also hit a nine-day low of 88.35 pence per
euro after the data, down 0.3 percent on day.

Britain’s blue chip FTSE 100 index pared losses
after sterling weakened to trade just 0.1 percent lower while
gilt futures edged higher after the data.
(Reporting by London Markets Team, editing by Nigel Stephenson)

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