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Sterling falls as PM May moves to end Brexit impasse


Monday, 4 February 2019 16:59 WIB

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Sterling fell towards a one-week low on Monday as Prime Minister Theresa May met lawmakers to try and overcome a parliamentary impasse that has raised fears among investors about a disorderly 'no-deal' Brexit.

The pound has held on to most of the gains it racked up in January despite there being less than two months until Britain is due to leave the European Union on March 29 and without an agreement governing future ties with the bloc secured.

But concern is mounting about the risk of a no-deal exit and that is showing up in derivative markets which are predicting more currency volatility in the coming days.

May aims to get parliament’s approval for a revised deal on Feb. 13. If that fails, parliament will vote on next steps on Feb. 14.

At 09:12 GMT sterling was down 0.2 percent at $1.3064 and down 0.1 percent against the euro at 87.64 pence.

On Friday sterling suffered its biggest weekly loss since mid-December partly because of survey data showing uncertainty sweeping British manufacturers ahead of Brexit.

Source: Reuters


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