Sterling stuck near 2018 low on Brexit uncertainty, stagnant growth 10:42am EDT [Reuters]
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Source: Reuters
Sterling stuck near 2018 low on Brexit uncertainty, stagnant growth | Reuters Reuters Staff 2 Min Read LONDON (Reuters) - The pound traded near a five-month low of $1.33 on Friday, weighed down by worries over Brexit and signs of sustained weakness in Britain’s economy. Sterling had been one of the best-performing currencies in 2018, but weak economic data and a recent surge in the dollar have erased all of its gains for this year. Markets have radically scaled back expectations for when and how much the Bank of England will raise interest rates as economic growth slows. Data on Friday showed GDP grew just 0.1 percent in the first quarter, keeping the pound under pressure. “The overall picture remains one of slowing economic activity,” said David Cheetham, chief market analyst at XTB. Barclays, in a note to clients, cut its growth forecast for 2018 to 1.3 percent from 1.4 percent. At 1430 GMT, the pound was down 0.5 percent at $1.3318 as the dollar gained broadly. Weak construction an
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