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Sterling dives to 10-month low below $1.30, more weakness seen 8:19am EDT [Reuters]

BANK of NEW YORK MELLON (BK)  More Company Research Source: Reuters
Last bank of new york mellon earnings: 7/19 06:30 am Check Earnings Report
PDF Sterling dives to 10-month low below $1.30, more weakness seen | Reuters 4 Min Read LONDON (Reuters) - Sterling fell below $1.30 for the first time in 10 months on Thursday as the combination of weak economic data and a resurgent dollar sapped appetite for the British currency. Weak retail sales data for June painted a picture of a struggling economy against the backdrop of stagnating wage growth, weak inflation figures and uncertainty over how Britain’s looming exit from the European Union will play out. That is casting a shadow on well-set expectations of an interest rate rise by the Bank of England at its Aug. 2 meeting. The lacklustre data comes moreover at a time when the dollar has rallied more than 6 percent against a basket of developed G10 nations’ currencies in the last three months. Escalating trade tensions, robust U.S. economic growth and a confident Federal Reserve have all boosted the greenback’s appeal. “With fundamentals weak and a big question mark on Brexit, we thin [Read more]

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