The British pound extended its losses as bad news continues to pour out of the
This is the first time in 7 years that there has been a contraction in service, manufacturing and construction sector PMI. Back then, GDP growth slowed to 0.1 percent, the lowest level since the second quarter of 1992. These numbers explain why the Bank of England has been so reluctant to raise interest rates. They know that their economy is in bad shape and that the downturn is deepening. We expect the