Economic news

Pound inches lower but still on course for best month vs. greenback since 2010

The pound fell versus the dollar and euro on Wednesday on news that the European Union has rejected the City of London’s proposal for financial services to retain passporting rights after UK departs from the bloc.

Photo: Reuters

The British currency dipped about 0.2 percent to the day’s trough of $1.4127. Versus a stronger European single currency, sterling lost half a percent to 88.16 pence.

The pound firmed in the previous session after Bank of England Governor Mark Carney said the regulator was shifting its focus back to the more common business of slowing inflation, as the UK's economy showed it was recovering after the 2007-09 financial crisis.



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