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Sterling holds near 1-year low vs euro before Brexit minister's speech


Wednesday, 29 August 2018 18:38 WIB

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Sterling held near a one-year low against the euro on Wednesday following days of aggressive selling ahead of a rare mid-recess speech by Brexit Minister Dominic Raab, with some large derivatives positions checking any prospect of gains.

The pound fell to its lowest level since Sept. 11, 2017 against the euro on Tuesday after British Prime Minister Theresa May played down the consequences of leaving the European Union next year without securing a deal with the bloc.

May's comments - seen as undermining Finance Minister Philip Hammond’s warnings about the economic damage from a “no-deal” Brexit - piled pressure on the pound and pushed it sharply lower against both the dollar and the euro.

Her comments came as France’s Prime Minister Edouard Philippe asked his ministers on Monday to prepare contingency measures in case of a no-deal Brexit.

On Wednesday, sterling strengthened slightly to 90.62 pence against the euro after falling to a near one-year low of 90.98 pence the previous session. Against the dollar, sterling was broadly flat at $1.2883.

Raab is due to speak at 13:00 GMT at an EU committee in the Britain’s upper house of parliament.

Source: Reuters


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