Sterling Slumps To Five-Week Low on Brexit Nerves

Tuesday, 4 December 2018 00:43 WIB



Sterling fell on Monday to its lowest level since the end of October as growing concerns about British parliamentary approval for a proposed Brexit deal prompted investors to sell the currency.

A broad rally across global stocks and risky currencies had lifted the pound in early trade after U.S. President Donald Trump and China's President Xi Jinping agreed to a 90-day ceasefire in their trade dispute to try to resolve their differences.

Against the dollar, the pound fell to its lowest since October at $1.2697, down nearly 0.7 percent from the day's highs. Against the euro, the pound weakened by 0.4 percent to 89.23 pence.

British Prime Minister Theresa May said she would still be in her job in two weeks' time, playing down speculation that she might resign if the Brexit deal is not approved by parliament in a vote scheduled for Dec. 11.

Source : Reuters


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