Sterling dips as Brexit concerns scupper rally
Monday, 4 June 2018 23:40 WIB | CURRENCIES |poundSterling,Poundsterling

Sterling fell on Monday as concerns about Brexit clouded the outlook for the currency after a brief rally encouraged by stronger-than-expected data on Britain's construction sector.

The pound fell 3.43 percent versus the dollar in May, its biggest monthly decline since 2016, as weakness in the UK economy and non-UK factors including new U.S. trade tariffs impacted the currency.

Sterling started June on the front foot, buoyed by data showing signs of a possible strengthening of the British economy after a sluggish first quarter.

Early in Monday™s session, sterling hit a seven-day high of $1.3398, amid broad dollar weakness and a purchasing managers™ index (PMI) for Britain™s construction sector that showed activity at 52.5 for May, higher than 52 predicted by analysts.

But the pound later relinquished all of its gains and fell 0.3 percent to $1.3305. It also slid half a percent against the euro to 87.85 pence as the single currency rallied on receding worries about a political crisis in Italy.

Analysts said the pound™s decline was partly due to a flurry of headlines about Brexit and Britain™s future EU ties.

Source: Reuters

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