Sterling set for 4th week of losses
- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- August 25, 2017
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Sterling steadied this morning after falling to a two-month low against the dollar in the previous session, as investors waited to see what Federal Reserve chief Janet Yellen would say in a speech later in the day.
The pound also held near its lowest in more than 10 months against the euro, with political uncertainty weighing on market sentiment and the corporate outlook for British companies.
markets are happy to push sterling lower with any negative news, and there is a big gap opening up between the outlook of both the eurozone and the U.K economies.
Sterling is flat against the dollar and is poised for a fourth consecutive week of losses. Against the euro, it held close to the low reached on Wednesday, a level it last tested in October 2016. The pound has weakened more than 5 percent against the euro since mid-July.
The government is trying to move forward formal discussions on leaving the European Union, issuing a series of position papers that have outlined potential compromises over key issues.
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