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Pound set for biggest weekly drop in seven weeks after weak data


Friday, 1 February 2019 23:43 WIB

EuroPoundsterling


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Sterling slid on Friday, putting it on track for its biggest weekly loss in seven weeks, after survey data highlighted the degree of uncertainty sweeping British manufacturers as the country heads towards Brexit in less than two months.

The pound fell more than half a percent against the dollar after the data, briefly piercing a 200-day moving average of $1.3045. It trimmed some losses to trade down 0.3 percent at $1.3074.

For the week, it is down nearly a percent, breaking a six weeks of consecutive gains.

Against the euro, the pound weakened 0.4 percent to 87.62 pence.

The currency has strengthened 3 percent against the dollar and 2.8 percent versus the euro in January as currency traders slashed the odds on a no-deal Brexit.

Source: Reuters


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