UK currency heads south to 11-month minimum on Brexit warning

UK currency heads south to 11-month minimum on Brexit warning

On Monday, the British pound went down to its lowest value since early September in the face of strengthening worries as for Brexit right after Britain’s international trade secretary stressed that a no-deal Brexit was currently more probable.

The currency pair GBP/USD reached a minimum of 1.2956, which is its weakest reading since September 4.

The sag in the UK currency took place after Liam Fox told that there was a 60:40 likelihood that Great Britain would break up with the European bloc even without an agreement.

Intransigence – that’s what the statesman accused the European Commission of. He blamed the 19-country block for putting its rules above prosperity.

The remarks arose after on Friday BoE chief Mark Carney told that there’s a very high risk of the United Kingdom exiting the European bloc with no deal.

The UK currency slumped versus the common currency. The currency pair EUR/GBP added 0.24% trading at 0.8918.

Meanwhile, in the European Union, in June German factory orders inched down by 4%. It appears to be the most impressive sink for nearly 18 months in the face of weaker overseas demand.

The suddenly dismal data contributed to worries over the economic influence of soaring trade tensions.

The common currency demonstrated four-and-a-half week minimums versus the evergreen buck. The currency pair EUR/USD dipped to 1.1561.

The common currency has been suppressed by the diverging monetary policy outlook between the European Central bank and the Federal Reserve. The both major financial institutions promised to keep interest rates intact until the summer of next year.  

The evergreen buck managed to rally versus a bunch of its main rivals after the latest American jobs report underlined hopes for the key US bank to stick to a gradual tempo of rate lifts in 2018.

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