Sterling slides back against euro

Dhaka,  Thu,  21 September 2017
Published : 28 Nov 2016, 15:49:38

Sterling slides back against euro

Sterling slides back against euro
Sterling slid back against the euro on Monday, with the day's main focus likely to be European Central Bank chief Mario Draghi's testimony in the European Parliament.

Sterling touched a two-week high against the dollar. Euro was 0.2 per cent higher against sterling on Monday after racking up its worst run of weekly losses against the pound since early 2015 last week.

Against the dollar, sterling was just 0.1 per cent higher at $1.2488, having touched $1.2532 in Asian trading.

"While the Cable (dollar) rate may not be directly impacted, Draghi’s comments are sure to influence the EURGBP rate," London currencies exchange LMAX said in a morning note.

Lee Hardman, a currency analyst with Japan's MUFG in London, argued that the breakdown of third-quarter gross domestic product numbers also offered more hope. 

Business investment again topped expectations to grow by 0.9 per cent on the quarter, although it was still down 1.6 per cent year on year.

"The BoE has been warning that business investment would be the most vulnerable to heightened uncertainty related to the Brexit vote, but so far the negative impact is not yet evident," Hardman said.

"If the UK economy continues to defy expectations for a material slowdown in growth in the year ahead, it will create scope for pound weakness to reverse further," according to a news agency report.

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