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East Midlands Chamber News

Pound hits three-year low

The pound has hit a three-year low after UK manufacturing unexpectedly fell in May, the BBC has reported.

It contracted by 0.8 per cent, the fastest pace since January, official figures show. Most analysts had predicted a rise.

The figures run counter to data released recently that has indicated the economy picking up.

As a result, the pound dropped sharply against the dollar, falling by nearly one per cent to $1.4814, the lowest level since June 2010.