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Sterling edges lower as Brexit overhang dogs investors


Wednesday, 11 July 2018 23:32 WIB

poundSterling,Brexit


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The pound edged down from $1.33 on Wednesday as investors tried to gauge whether the resignation of two ministers over Prime Minister Theresa May’s Brexit plans would affect an expected interest rate hike this summer.

The currency's weakness was limited, however, as investors were wary of taking large bets before more clarity on the Brexit negotiations emerged.

British trade minister Liam Fox said on Wednesday he did not believe Britain’s new Brexit strategy would inhibit its ability to agree trade deals with countries around the world, after two cabinet colleagues resigned over the policy.

Sterling rose to as high as $1.3285 - roughly where it was on Friday before the resignations - before a rallying dollar knocked it back to $1.3236, down 0.2 percent on the day.

Against the euro, sterling extended gains, spurred on by weakness in the common currency though it retraced later. The pound was flat at 88.35 pence per euro.

Source : Reuters


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