Sterling set for biggest weekly drop in 7 weeks on Brexit fears [Reuters]
The Bank of New York Mellon Corporation (BK)
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Source: Reuters
Sterling set for biggest weekly drop in 7 weeks on Brexit fears | Reuters 2 Min Read LONDON (Reuters) - Sterling fell more than half a percent to below $1.26 on Friday after Prime Minister Theresa May returned from a visit to Brussels, where she failed to win assurances from European Union leaders over her Brexit withdrawal agreement. The trip has not gone down well in currency markets, with the pound falling to a day’s low of $1.2591 in early European trade. After surviving a no-confidence vote by her Conservative Party on Wednesday, May asked EU leaders at a summit in Brussels for political and legal assurances that she said could convince the British parliament to approve her deal. But German Chancellor Angela Merkel and French President Emmanuel Macron ruled out any reopening of last month’s treaty aimed at ensuring a smooth exit on March 29. “Unless we get some radical political developments, the pressure on sterling will be to trade lower,” said Simon Derrick, chief FX strategis
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