Sterling Stuck Near Six-Month Low as Strong UK Data Fails to Dispel Wider Gloom

Friday, 1 June 2018 17:02 WIB



Sterling languished near a six-month low on Friday despite data showing UK manufacturing growth picked up speed in May for the first time in six months, as worries about Italy's political crisis and new U.S. trade tariffs dominated the market psyche.

Stronger-than-expected economic data this week has failed to support the pound, which last traded flat against the dollar at $1.3303. It hit a six-month low of $1.3205 on Tuesday.

Against a weakened euro sterling was up 0.1 percent at 87.89 pence.

The pound had been one of the best-performing currencies in 2018 but it has given up all its gains for the year following a broad rally in the dollar and signs Britain’s economy is slowing.

The currency suffered its biggest weekly decline versus the dollar in May since late 2016.

Source : Reuters


  • Risk sentiment returned to the foreign exchange markets early Friday in Europe, with the Swiss franc and yen retreating against the dollar, and the dollar retreating against the pound as a week of tur...



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