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Sterling drops as dollar gains, caution sets in after Brexit deal optimism


Monday, 8 October 2018 15:58 WIB

poundSterling,Poundsterling


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The British pound fell on Monday as the dollar rallied and traders re-assessed the chances of a breakthrough in Brexit negotiations after the encouraging headlines seen in recent days.

European Union negotiators said on Friday an agreement with Britain was 'very close' and European Commission President Jean-Claude Juncker said on Saturday a deal would be reached in November, if not this month.

That had helped push the pound up above $1.31, but investors booked profits at the start of this week, with some still cautious about whether a Brexit agreement was likely.

The pound dropped half a percent to as low as $1.3054 against the dollar, with a broader sell-off across markets and a rush into the safety of the U.S. currency also sending sterling lower.

Versus the euro, the British currency weakened 0.1 percent to 87.955, slightly below 3 1/2-month highs touched at the end of last week.

Concerns about a row between Brussels and Rome over Italy's proposed budget deficit targets have added to the euro's woes in recent sessions.

Source: Reuters


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