Time to remit? British pound falls to a fresh two-year low on worries of weakening economy

Time to remit? British pound falls to a fresh two-year low on worries of weakening economy

Sterling fell to a fresh two-year low versus a strengthening US dollar on Thursday after a slew of economic data pointed to the weakening of the economy. Similarly, against the UAE dirham, the British pound turned weaker at 0.22, making it a comparatively better time to remit now than before. Check . Weakness in the sterling's value against the US dollar will be automatically reflected in its exchange rate with the UAE dirham as the UAE currency is pegged to the dollar. Analysts cite the reason for the decline to Britain's economy unexpectedly shrinking 0.1 per cent in March after a slump in car sales due to supply-chain problems. Data also showed British employers added permanent staff last month at the weakest rate in more than a year suggesting the labour market might be cooling, according to a survey that will be noted by the Bank of England as it assesses inflation pressures. "The dollar strength can explain some of the weakness in cable but with euro/sterling testing the water above the 0.86 level this morning, it is clear that the pound is under pressure," said Jane Foley, head of FX at Rabobank London. "The 0.1 per cent month on