Sterling slides again versus the euro

Sterling tumbled to the weakest level yesterday for 16 months against the euro as a report showed a gauge of UK manufacturing output held near the lowest level since 2013, adding to investor concerns that UK growth is slowing.

It slid 1% to 80.08p per euro, having yesterday touched 80.20p, the weakest level since late November 2014.

The UK also fell for a third day against the dollar. Data on Thursday had shown the UK’s current account deficit widened to the largest percentage of GDP on record. The pound dropped even as a separate report showed the UK economy grew at a faster pace than previously estimated at the end of 2015.