Pound Slides Most in March as Month-End Flows Lift Dollar Demand
Tuesday, 27 March 2018 19:25 WIB | CURRENCIES |poundPoundsterling

The pound slumped the most this month, leading losses among Group-of-10 currencies, as dollar demand picked up ahead of month-end and the Easter weekend.

Sterling snapped a two-day advance to slip below $1.41, extending losses after the Bank of England said Brexit poses œmaterial risks to financial services. The currency™s weakness may also have been fueled by the prospect of corporate acquisition outflows, according to Mizuho Bank Ltd., following GlaxoSmithKline Plc™s agreement to buy Novartis AG™s stake in a joint venture for $13 billion.

The pound fell as much as 1 percent to $1.4088, reversing an earlier gain of 0.1 percent. The currency slid 0.5 percent to 87.91 pence per euro. The U.K. currency™s sharp reversal risks a deeper correction as a fresh double-top may be now in place on technical charts, with support seen at $1.4070, the high on Feb. 26.

Source : Bloomberg

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