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Sterling Supported by Reports of Brexit Financial Services Deal


Monday, 5 November 2018 19:11 WIB

DolarSterling,GBP/USD


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Sterling regained to 1.30 level against the dollar on Monday amid optimism that Britain will soon reach a deal with the European Union that will allow UK financial services companies based to have continued access to European markets after Brexit.

GBP/USD was trading at 1.3024 by 06:00 AM ET (11:00 AM GMT), up 0.41% after hitting an intra-day low of 1.2974 earlier, following an unexpectedly weak report on UK service sector activity. The pair had hit a two week high of 1.3141 overnight.

Business activity in the UK service sector grew at the slowest pace in seven months in October, data on Monday showed, held back by heightened economic uncertainty over Brexit and wider fears over the global economic outlook.

Reuters


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