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Sterling dives to a 2-week low on trade truce; Brexit fears


Monday, 1 July 2019 23:14 WIB

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Sterling fell to a two-week low versus the dollar on Monday as a broadly resurgent dollar sapped appetite for the British currency after the United States and China agreed at a G20 summit in Japan to restart trade talks.

That deal came after U.S. President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met on the sidelines of a Group of 20 summit in Japan.

Investors also avoided the pound on concerns that arch-Brexiteer Boris Johnson, the favourite to replace Prime Minister Theresa May, will push to leave the EU with or without a deal by Oct. 31.

The pound slipped 0.5% to a low of $1.2634, bringing losses since early-May to nearly 5% and to its lowest levels since June 19.

Against the euro, however, sterling firmed to approach one-week highs, trading at 89.26 pence. The currency had fallen to nearly six-month lows last week.

Source : Reuters


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