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Aug 24 (Reuters) – Sterling was steady against the dollar on Wednesday, holding above a 2-1/2 year low touched a day earlier after data added to signs that a recession may be looming in Britain.
The pound was flat versus the dollar at $1.1829 by 0840 GMT, after recovering slight losses in early trading, with few immediate news catalysts to guide direction. .
Sterling had touched its lowest on Tuesday since March 2020 after the purchasing manager’s index (PMI) data showed growth in Britain’s private sector slowing to a crawl in August, with factory output falling and the larger services sector ekeing out only a modest expansion. read more