The sterling continues to shed and the fall further in the market as investors continue to weigh the currency’s strength on the ongoing Brexit talks. The negotiations continue to take concerning turns as a faster paced is expected from the country.
The pound was seen trading at a very alarming rate as it reaches a seven-week low in the market as investors continue to shy away from the problematic currency. The currency was seen trading higher on great economic data but the prices started to go down as Brexit talks spark new controversy.
Furthermore, the sterling is seeing a massive beating after EU’s chief negotiator Michel Barnier showed his massive displeased tone on the progress of Brexit talks. The transaction deal remains is still the main gripe the investors have as its set to fail this month.
Sterling Surges Prior to Major Dips
On the brighter side, the sterling managed to surge prior to the manufacturing survey data. The currency managed to steady despite having a lackluster week due to Brexit debacles and the future economic outlook.
The pound’s initial prices were trading at a flat 1.3767, but dipping on the Asian market to $1.3743. That is the lowest level it has since January 16. The currency continues to struggle in the market with Brexit talks and negotiations.
Sterling Prices Today
Furthermore, despite the ample surge they experienced, the sterling’s price today managed to slump despite great market anticipation for its economic data. The sterling is last seen trading at a massive 0.% decline, hitting a massive low of $1.3712.
The sterling’s price was seeing abysmal levels as it hit its lowest price since January 12 of this year. The currency managed to strike a great start this year as the softer dollar lingers in the market as great commodity prices outpace the greenback.
Looking the currency’s price against euro, the sterling was seen trading with a massive 0.2% deficit at 88.77 per euro.
The massive dips from the sterling are still products of the surging dollar in the market. Currently, the greenback is dipping due to the oil price positivity but the latter has been heavily buoyed by the risk-averse appetite investors after the hawkish Fed outlook.
Furthermore, the Brexit debacles and the note from EU’s negotiator, Michael Barnier, have piled up and pulled the currency’s prices down. Although some believed that Barnier’s note will help pursue the deals next month, and may push a reversal.
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