Economic news

Pound dips to 3-week trough amid muddled progress on economy

The pound dropped to a new three-week trough on Thursday amid rising uncertainty over Brexit and doubts the UK economy could handle a likely interest rate hike.

Sterling slumped 0.8 percent to $1.3144 against the greenback, its lowest level since Sept. 14 when the Bank of England policymakers had hinted at interest rate rise.

The British currency also slipped nearly 0.5 percent versus the euro to 1.12.

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