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Sterling on backfoot as political turmoil dogs Brexit process


Tuesday, 3 September 2019 08:23 WIB

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Sterling wallowed near a more than two-year low on Tuesday on growing investor worries about a “no-deal Brexit” as rival British lawmakers fought for control over negotiations to leave the European Union.

Sterling traded at $1.2063, flat so far in Asian trading but close to the lowest in more than two years. The pound tumbled 0.8% on Monday, its biggest decline in more than three weeks.

The euro was flat at 90.91 pence EURGBP=D3, holding onto a 0.7% gain on Monday.

Elsewhere in currency markets, the dollar index =USD rose 0.27% on Tuesday to 99.082, reflecting weakness in other major currencies. U.S. financial markets were closed on Monday for a public holiday.

The euro EUR= fell to $1.0954 in Asia on Tuesday, which is the lowest since May 2017. The common currency fell 0.2% on Monday. Sentiment for the euro had already weakened after it broke below the key $1.1000 level last week.

Source: Reuters


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