Pound continues slide on forex mar

NEW YORK: The post-Brexit blues continued as the British pound declined further against other major currencies on Friday.The decline of the composite Purchasing Managers Index to 47.7 this month from 52.4 in June, its lowest level since April 2009, was the first evidence that Britain was entering a downturn, according to Samuel Tombs of Pantheon Macroeconomics.”If the PMI remains at July’s level in August and September, it will be consistent on past form with a 0.4 percent quarter-on-quarter decline in GDP” in the third quarter, said Tombs.The pound sterling was down 0.9 percent against the US dollar at $1.3112 and down 0.9 percent against the yen at 139.21, while the euro was up 0.4 percent against the pound at 83.71 pence.