7/29/2019, 12:39 PM (Source: TeleTrader)
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Pound trades at lowest in over 2 years on Brexit worries

The British pound hit its lowest since March 17 earlier on Monday as uncertainties in regards to Brexit grow with the new Foreign Secretary Dominic Raab's insistence on changing the Brexit deal, which Brussels considers final.

The European Union must remove the "undemocratic" Irish backstop to avoid a disorderly Brexit, Raab stressed yesterday, and today warned that Britain will end up leaving the bloc under the World Trade Organization rules unless Brussels shows some flexibility.

At 12:32 pm CET, the pound traded 0.42% lower compared to the dollar, buying $1.23284, after touching lowest since March 17, 2017, around 11 am CET. On the euro, the sterling was 0.41% lower, going for €1.10833 at 12:34 pm CET after touching lowest since January 11 against the European common currency.

Against the Canadian dollar, the pound fell 0.43% at 12:36 pm CET, changing hands for 1.162338, while on the yen it lost 0.49% at 12:37 pm CET, as it sold for ¥133.9150, improving slightly from hitting the lowest level since January 3 an hour before.

Baha Breaking News (BBN) / NI