Economic news

Pound drops, investors cautious ahead of BoE meeting

Sterling slipped on Monday as the greenback firmed, with investors cautious to purchase currency before a central bank policy meeting due later this week and another anticipated parliamentary dispute over the government’s Brexit plan.

Photo: Reuters

The British currency slid 0.3 percent to $1.3234 against the dollar, near the seven-month trough of $1.3205 touched late last month. It also sank versus the euro, slipping by 0.2 percent to 87.56 pence.

With a rising trade tensions between the U.S. and China holding currency markets worldwide nervous, and looming crucial British economic numbers due later this week, analysts said sterling was predicted to stay in a narrow range ahead of Thursday’s the BoE meeting.

Steps by Prime Minister Theresa May to urge her party to support her Brexit plans will continue to affect the national currency.

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