Brexit fears move sterling back to bottom

Posted 16 May, 2018

The sterling has touched the year-to-date bottom against the US dollar in the middle of the week driven by the renewed fears of the Brexit process and small salary increase in the UK.

The sterling-to-US dollar exchange rate reached $1.3434, posting new bottom of the year.

The member of parliament stated on Tuesday that the detailed plans for further relations with the EU in attempt to escape from the Brexit talks dead end, as reported Reuters.

Seeing persisting disagreements among MPs concerning further cooperation with the EU and numerous statements about lack of clarity of the position of the UK made by the European officials, investors have become sure that the Brexit remains a real threat for the national currency just in less than a year before UK's leaving.

According to the released data, salary showed mixed dynamics, though figures rose 2.9% y-o-y in January-March, excluding bonuses. At the same time, the number of new jobs exceeded expectations. This can give grounds to believe that sluggish economy in early 2018 can be short-lived.

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17 May, 2018 12:05

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