Sterling's outlook lost some of its sheen in the past month after uncertain...
LONDON - Sterling’s outlook lost some of its sheen in the past month after uncertainty surrounding Britain’s departure from the European Union was extended and recent data has highlighted a struggling economy, a Reuters poll found.
Following the June 2016 referendum the pound sank, as was predicted in Reuters polls ahead of the vote. It was trading around $1.30 on Thursday, much weaker than the $1.50 rate before the decision to quit the EU. But that postponement has left consumers, businesses, investors and market speculators in limbo as they still don’t know under what terms the two sides will part ways - although a Reuters poll last month said they will eventually reach a free trade deal. [ECILT/GB]
“Any move that markets view as increasing the probability of a no-deal Brexit could see sterling come under pressure.” “But the extension of Article 50 out to October 31 means that the relief rally in the currency is set to come later than our previous forecast.”
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