Economic news

Pound hovers near 11-month trough vs euro

Sterling fell versus the euro to its lowest point since September 2017, hit by a rally in the common currency and worries over whether the UK can obtain itself a favorable trading agreement with the European Union.

Photo: Reuters

The pound slid 90.27 pence per euro, just below the 90.30 pence level it touched earlier this month - its trough in 11 months. Versus a broadly weaker greenback it inched higher, up 0.2 percent on the day at $1.2834.

The British currency has had a hard August, dragged down by fears Britain could depart from the EU without new trading conditions on its planned exit day in March next year.

Britain’s Brexit minister Dominic Raab this week said securing a deal was still "the most likely outcome", but has also stressed the UK government was preparing for the possibility of a no-deal Brexit.

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