New Brexit concerns drive sterling down

Posted 29 January, 2018

The sterling has faced pressure from increasing US dollar and new Brexit concerns. The latter is connected with the bill submitted by the Prime Minister Theresa May that faced strong critics from the opposition.

In the second half of the day, the sterling-to-US dollar exchange rate dropped 0.68% to 1.4066. Last week the rate was detected at the maximum since the Brexit vote – 1.4344.

The decline is explained by the rebound of the American currency against the majors. However, the dollar shows restrained improvement on the fears about the White House’s position towards strong currency.

The negative impact on the sterling came from the statement of the Parliamentary Committee that the Brexit bill contains fundamental miscalculations and significant revision must be made even despite the approval by the House of Common. The statement was made before debates in the House of Lords started.

Theresa May is at risk of a mutiny of its own party. As a result, her leadership can be challenged in case of seeking the best way to leave the EU in March 2019.

The euro to sterling increased 0.32% to 0.8811.

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