Sterling Falls as Businesses Brace for Brexit
Wednesday, 2 January 2019 17:54 WIB | CURRENCIES |poundPoundsterlingGBP/USDEUR/USD

Sterling was lower on Wednesday as worries over Brexit weighed and companies braced for the UK™s departure from the EU in March.

GBP/USD slumped 0.47% to 1.2691 as of 5:35 AM ET (10:35 GMT).

Activity in the UK manufacturing sector jumped to a 6-month high in December, as companies prepare for the uncertainty of a hard Brexit, IHS Markit said in its monthly report.

Prime Minister Theresa May™s Brexit draft deal is expected to come before the British Parliament for a vote before the end of January but questions remain over whether or not it will pass. Government officials remain wary of the European Union™s backstop deal over the Northern Ireland border and have asked for assurance that the deal is temporary.

The euro was also down, with EUR/USD dipping 0.2% to 1.1438.

Source : Investing.com

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