Sterling sinks to 31-year minimum against greenback as Brexit worries weigh
On Tuesday, the British pound sagged steeply to its lowest levels against the greenback since 1985, as concerns regarding Brexit kept weighing on the sterling.
The pound was worth $1.2775, sagging from $1.2858 late on Monday, New York. By the way, the major British currency has undercut its minimum of about $1.2795 hit early in July, after Great Britain voted to exit the EU.
On Tuesday, the British currency was worth $1.2757, as FactSet data states.
Some analysts stress that the Conservative Party’s conference this week is generating a sell for the sterling, as Prime Minister Theresa May dropped a hint that her government will focus on issues, implying a departure from the EU’s single market.
The British leader told that the number one concern will be immigration as well as British sovereignty. Banks based in the UK won’t get any special treatment and it cast more doubt on the future of Britain’s financial services industry.