Economic news

Pound stands at seven-week trough as Brexit risks persist

Sterling fluctuated not far from seven-week weak point versus the dollar on Friday and three-week trough against the euro, as doubt rose about whether Britain and the European Union can reach a Brexit agreement.

Photo: Reuters

Media report that Brexit negotiations were on hold pushed the British currency to a day’s low of $1.2805 before it rebounded to $1.2820.

Sterling was virtually steady against the euro, at 88.76 pence, after earlier sliding to a three-week nadir.

Next week, the Bank of England is widely expected to keep interest rates steady and confirm that it is still on track to maintain policy until there is more clarity on Brexit deal.

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