Sterling Sinks to 30-Month Low On Firmer Dollar and Brexit Fears

Thursday, 1 August 2019 16:12 WIB



Sterling sank to a 30-month low on Thursday, pressured by a stronger dollar and renewed worries that Britain could crash out of the European Union on Oct. 31 without a trade agreement in place.

The pound plunged to a low of $1.2101 GBP=D3 overnight in Asia, its lowest since January 2017, after the U.S. Federal Reserve cut interest rates but didn't sound as dovish as many expected. In early European trading, the currency was last down 0.3% at $1.2122.

Against the euro, sterling was little changed at 91.100 pence EURGBP=D3.

The pound lost more than 4% of its value in July, its worst month since October 2016, after new Prime Minister Boris Johnson’s vow to leave the EU on Oct. 31 whether or not a transition deal can be agreed with Brussels. This sparked panic among investors that Britain was on course for a disorderly divorce.

Source : Reuters


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