Pound falls below $1.60 for first time since November on strong US data

Expectation-busting US data has hammered the pound, as it fell below the psychologically significant $1.60 level for the first time since November.

UK recession may not be as deep as feared

Britain's recession might not be as deep as feared after better-than-expected construction and industrial production figures suggest that official GDP figures for the second quarter will be revised up on Friday.