Pound outlook darkens

The pound’s recent resilience may prove short-lived as data showed the first indications that the UK economy may be faltering one month after Britain voted to leave the European Union.

Inflation and labour figures covering the preBrexit period, released earlier this week, beat analyst predictions and helped the currency climb from a 31-year low versus the dollar set on July 6. That rally ended Friday after purchasing managers' index reports, which included the period following the June 23 referendum, suggested the UK's manufacturing and services industries contracted this month. — BLOOMBERG