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A three-day decline in the pound after U.K. Prime Minister Theresa May set a date to start the process of leaving the European Union has left sterling trading at its weakest level versus the euro since 2011. The pound reached a 31-year low versus the dollar amid concern Britain is headed for a so-called hard Brexit. A weaker currency may help support parts of the economy as the terms of the EU exit are negotiated. Most Recent Videos October 5, 2016 Jeffrey: Euro was Doomed from Day One 52:27 – The euro-area economy is losing steam as political uncertainty looms large over the 19-nation region. A Purchasing Managers Index for the manufacturing and services sector slid to 52.6 in September from 52.9 in August, London-based IHS Markit said on Wednesday, confirming a Sept. 23 estimate. Thats the lowest level since January 2015. A reading above 50 signals expansion. Policy makers are struggling to shore up growth and inflation in a region increasingly beset with populist political movements. Ahead of national votes in some of the blocs largest economies, challenges from how to deal with the U.K.s decision to leave the European Union to integrating migrants into a workforce strapped by high unemployment need to be met.
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