Economic news

Pound slumps from 12-day peak as Brexit risks revive

The pound pulled back from its top in almost two weeks on Wednesday as traders shifted their attention to talks for Britain’s withdrawal from the European Union.

Photo: Reuters

The British currency slid 0.3 to $1.2871. It also slipped 0.2 percent against euro to 89.77 pence.

Political uncertainty has weighed on sterling recently as informal October deadline to reach a trade agreement between the UK and the EU looms.

Sterling had tumbled to almost 14-month trough last week on rising concerns over a Brexit trade deal.

At the same time, sharp decline in the dollar this week caused by Trump's comments on the Federal Reserve's monetary policy supported the pound earlier this week.

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