UK Sterling hits two-year lows against the US dollar

Gross domestic product fell 0.3 per cent between March and April, and the pound tumbled to a two-year low against the US dollar after the UK economy contracted in April, missing forecasts and confirming the recovery has stalled since January as surging prices hit household spending and business activity. The Sterling has slumped by as much as 1.5 per cent to $1.2140, as the latest gloomy economic news was compounded by a broad rally for the dollar to push the exchange rate to levels last seen in May 2020.