3/29/2017, 9:39 AM (Source: TeleTrader)
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Sterling trades lower ahead of Brexit trigger

British pound traded in the red against the basket of world currencies on Wednesday as the UK prepared to officially begin the Brexit process. Investors grew increasingly worried after Theresa May issued a formal letter triggering the divorce from the European Union. Britain’s permanent representative to the EU Tim Barrow is due to deliver the letter by hand to European Council President Donald Tusk.

The UK currency is expected to remain volatile for some time while market watchers remain cautious as they continue to speculate on the tone of London’s negotiations with Brussels.

Sterling traded 0.45% lower against the US dollar, changing hands for 1.2395 at 9:32 am CET. The pound also declined against the euro, shedding 0.16% to trade for 1.1496 at 9:33 am CET while it lost 0.26% against the Swiss franc at the same time. The British currency decreased 0.48% against Japanese yen at 137.734 at 9:34 am CET.

Baha Breaking News (BBN) / VK