Pound dips to fresh 31-year minimum
On Wednesday, the British pound kept getting punished, building on its recent losses, which have been spurred by concerns regarding probable problems with Brexit, which might hammer the British economy.
The British currency traded at $1.2720, sinking from $1.2727 late on Tuesday, New York. It was heating levels last observed in the first half of 1985.
In spite of the fact, sentiment towards the British economy keeps being uplifted because domestic data repeatedly beats, this ongoing uncertainty over how the Brexit negotiations will occur, have greatly soured investor appetite towards the British pound.
Against the common currency, the British pound was also losing ground, being worth €1.1340. It’s after it sagged as low as €1.1309 earlier on Wednesday, getting to a five-year minimum. The euro has been powered by Tuesday’s report that the ECB is about to gradually wind down bond purchases before the scheduled March 2017 verdict of its quantitative-easing program.