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Sterling dips after May sticks to Brexit script in speech


Wednesday, 3 October 2018 20:05 WIB

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The British pound fell briefly towards a three-week low on Wednesday as Prime Minister Theresa May defended her plans for Brexit, although the currency's moves were limited and analysts said they saw little in her speech that was new.

May said she was confident Britain can agree a deal for its exit from the European Union, although she cautioned that she would rather leave without a deal than accept the carve up of the United Kingdom.

Sterling was weaker before May delivered her annual speech to the Conservative Party conference, but did slip further as she pledged to stick with her Brexit plans when the UK and the EU enter another round of negotiations on their divorce.

The pound dropped 0.4 percent on the day to as low as $1.2963, close to Tuesday's three-week low of $1.2941, before recovering to $1.2990 by 1212 GMT. Sterling was unmoved versus the euro at 88.995 pence.

Source: Reuters


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