Sterling Falls Below $1.225, Held Down by Brexit, Negative Rates Risk

Thursday, 28 May 2020 18:25 WIB



The pound fell against the dollar and euro on Thursday, little changed after Wednesday's reports that Brexit talks are at an impasse, and still held down by speculation about negative interest rates.

Sterling fell 1% on Wednesday after Britain told the European Union on Wednesday it needed to break a fundamental impasse to clinch a Brexit trade deal by the end of the year.

The pound is close to its lowest levels in more than three decades, as it grapples with Brexit, speculation about negative interest rates in Britain, a deep recession and a growing pile of debt.

The market has turned increasingly short on the pound for the last 11 weeks straight, according to weekly futures data. Against the dollar, the pound held steady in early London trading, then began falling about 09:30GMT. It was last at $.12249, down 0.1% since New York's close. Versus the euro, the pound was up around 0.1%, at 89.85 pence.

Source : Reuters




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