Sterling slumps to 11-month low after Fox says no-deal Brexit likely
Monday, 6 August 2018 23:36 WIB | CURRENCIES |poundSterling,Poundsterling

The pound sank to an 11-month low on Monday as comments by officials about Brexit stoked fears among investors that Britain could soon crash out of the European Union without securing a trade agreement.

With less than eight months until Britain quits the EU, the government has yet to agree a divorce deal with Brussels.

The saga over Brexit has come to dictate the pound™s fortunes as fears mount about the impact it would have on Britain™s trade.

Investors are growing edgy about the currency™s outlook despite signs the economy is improving and the Bank of England raising of interest rates last week for only the second time in over a decade.

Sterling on Monday fell to $1.2920, its lowest since July 19, before settling down half a percent on the day. It slumped 0.4 percent against the euro to 89.33 pence and was the biggest loser among major currencies against a broadly strong greenback.

Source: Reuters

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