Sterling dives to 10-month low below $1.30, more weakness seen Jul 19 2018 [Reuters]
The Bank of New York Mellon Corporation (BK)
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Source: Reuters
Sterling dives to 10-month low below $1.30, more weakness seen | Reuters 4 Min Read LONDON (Reuters) - Sterling dived below $1.30 for the first time in 10 months on Thursday, sent lower by weak economic data, a resurgent dollar and uncertainty about how Britain’s approaching exit from the European Union will play out. Lacklustre retail sales data for June painted a picture of an economy struggling against the backdrop of stagnating wage growth, steady inflation figures and difficult Brexit negotiations. That is casting a shadow on expectations of an interest rate rise by the Bank of England at its Aug. 2 meeting. The weak data comes at a time when the dollar has rallied seven 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 think sterling can fall into the low
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