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Sterling hovers around $1.30

Sterling steadied just above $1.30 today, unable to break out against a broadly weaker dollar as worries over Brexit and the pace of UK economic growth swirl.

The pound recovered from its worst week against the euro in nine months on Monday as investors took profit on gains for the single currency and ministers talked up a transitional deal to smooth Britain’s exit from the European Union.

A cut in the IMF’s growth forecast for this year for the world’s fifth biggest economy underlined the risk that Britain will struggle in the years ahead as a housing price boom stalls and companies shift operations to mainland Europe.

The trends survey from business lobby CBI is due later today, to be followed on Wednesday by the first estimate of second quarter gross domestic product.

A speech by Bank of England chief economist Andy Haldane at 1700 GMT will also be closely watched at the end of the UK business day.

The flip by Haldane, previously a strong supporter of loose monetary policy, to back a rise in interest rates later this year, was one of the triggers for a rise in UK short-term forward interest rates – a support for the pound.

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