The dollar lost headway on Tuesday while the British pound was sent tumbling after poor UK industrial production data increased fears of another recession.

The dollar index, which measures the US currency against a basket of six others, fell to 82.585 from 82.601 on Monday.

Sterling slumped to an intra-day low of $1.4830 after figures showed UK industrial production and manufacturing output fell more than expected in January. The pound changed hands at $1.4906 late Tuesday compared to $1.4919 on Monday.

The Office for National Statistics said industrial production fell 1.2% month on month in January while manufacturing output dropped 1.5%, confounding expectations of a 0.1% increase in both measures.

The euro bought $1.3027 from $1.3037 on Monday while the Japanese yen came off recent lows against the dollar, rising for the first time against the greenback in a week.


CJ

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