The pound has shed 2.6% under Boris Johnson, its second-biggest drop in a prime minister's first week since 1976.
The British pound slumped to a two-year low on Thursday after the Federal Reserve said it wasn't planning to follow its interest-rate reduction with further cuts. Sterling slid to about $1.208, withing striking distance of $1.204, the low it hit in January 2017. The Bank of England cut its growth forecasts and pegged the risk of a recession by the start of 2020 at one in three. Watch the pound trade live.
The British pound slumped to a two-year low on Thursday after the Federal Reserve said it wasn't planning to follow its interest-rate reduction with further cuts. Sterling slid to about $1.208, withing striking distance of $1.204, the low it hit in January 2017. The Bank of England cut its growth forecasts and pegged the risk of a recession by the start of 2020 at one in three. Watch the pound trade live.
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