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Sterling Weakens as Brexit Concerns Weigh


Tuesday, 9 October 2018 17:35 WIB

poundSterling,Poundsterling


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The British pound drifted nearly half a percent lower on Tuesday on the back of a stronger dollar and as investors booked profits after last week's rally on rising hopes of a breakthrough in Brexit negotiations.

The British pound edged 0.4 percent lower at $1.3041 nearing a one-month low hit last week. Against the euro, the British currency was 0.2 percent weaker at 87.86 pence.

"The pound can definitely move higher from current levels but the markets are waiting for news on a substantial breakthrough in Brexit negotiations and until that materializes, we are trapped in a range," said Viraj Patel, an FX strategist at ING in London.

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.

Source : Reuters


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