Economic news

Pound at ten-week trough as Brexit unease prevails

The pound wobbled at a ten-week weak point on Tuesday as worries over Britain’s exit from the EU led traders to largely shrug off hopes of higher spending.

Photo: Reuters

The British currency sank 0.2 percent to $1.2756, its weakest level since 20 August. It also fell against euro, sliding to a one-month trough of 89 pence.

Sterling has lost 4 percent since September as investors remained anxious over lack of progress in Brexit negotiations only five months before Britain departs from the European Union.

Investors are shifting their attention to the Bank of England’s monetary policy meeting due on Thursday, where it is anticipated to leave interest rates steady and hint at further policy tightening measures.

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