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Sterling Stuck Near Two-Month Lows as Brexit Uncertainty Mounts


Friday, 26 October 2018 23:34 WIB

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The British pound laboured near two-month lows against the dollar and three-week lows versus the euro on Friday as doubt grows about whether the UK and the European Union can clinch a Brexit deal.

Brexit concerns and a stronger dollar had sent the pound to as low as $1.2777 earlier on Friday, its weakest since Aug. 20. Sterling partly staged a comeback to around $1.2824 as the dollar weakened on the back of large falls on Wall Street.

Bloomberg, citing people familiar with the matter, reported on Friday that Brexit talks were on hold because Prime Minister Theresa May's cabinet was not close enough to agreement on how to proceed for the negotiations to restart.

The British currency was largely unchanged versus the euro, at 88.76 pence per euro, after earlier weakening to a three-week low.

Source : Reuters


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