Economic news

Pound dips to a one-week trough amid Brexit concerns

The pound tumbled to a one-week trough versus the dollar on Tuesday amid renewed concerns about the influence of Brexit on the UK economy and the progress of negotiations to withdrawal from the European Union.

Photo: Reuters

The British currency traded at $1.4065 after fresh data showed increase in lending to customers but the weakest mortgage approvals in nearly three months. Versus the euro, the pound was 0.2 percent lower at 88.12 pence per euro.

Sterling lost almost 2 percent from a post-Brexit vote high of $1.43 touched last week.

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