Sterling falls as traders cut positions before Brexit votes and BoE meeting

Monday, 18 June 2018 17:06 WIB



The pound fell on Monday as the dollar strengthened, with traders reluctant to buy sterling ahead of a Bank of England policy meeting this week and another expected parliamentary confrontation over the government's Brexit plan.

With an escalating trade dispute between the United States and China keeping broader currency markets cautious, and little in the way of major British economic data scheduled for the next few days, analysts said the pound was expected to remain in a narrow range before Thursday’s central bank meeting.

Efforts by Prime Minister Theresa May to convince her party to back her Brexit plans will continue to weigh on the pound, however. Her plans face rejection by parliament’s upper chamber on Monday, setting the stage for a high-stakes and potentially destabilising confrontation with rebel lawmakers later in the week.

Sterling fell 0.3 percent to $1.3234 versus the dollar, not far from the seven-month low of $1.3205 hit late last month.

The pound also fell against the euro, dipping by 0.2 percent to 87.56 pence.

Source: Reuters


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