Sterling Battering Continues
Investors continue to remain wary of the Brexit negotiations and as a result have sold off the Pound Sterling once again. Markets are waiting to hear what the Prime Minister will have to say in regard to the Brexit when she speaks on Friday. Later today, Theresa May will be meeting with Donald Tusk, the chairman of the EU leadership. Just yesterday, the Pound was weakened after the EU negotiator, Michel Barnier, stated that a transitional deal was not a guarantee.
As reported at 10:58 am (GMT) in London, the EUR/GBP was trading at 0.8869 Pence, a gain of 0.09% and sliding from the session peak of 0.88772 Pence while the low stands at 0.88544. The GBP/USD was down 0.12% and trading at $1.3741; the pair has ranged from a session trough of $1.3728 to a peak of $1.3771.
Data Fails to Help Pound
The latest economic data from the UK also failed to provide any support for the Pound. Nationwide reported that housing prices unexpectedly fell in February, while net lending to individuals missed analysts’ forecasts. The Markit PMI survey for the manufacturing sector in February was better than predicted at 55.2 in February, but still below January’s reading of 55.3; records show that that is the lowest activity in eight months. PMI Construction figures will be released tomorrow and are predicted to have risen to 50.5 from 50.2.