The Pound Sterling was down and headed toward the 2018 low against the US Dollar amid the latest concerns over the ongoing Brexit negotiations. Earlier, in an effort to move the stalled negotiations forward, the British government reported that it plans to publish details of what it hopes to accomplish from the relationship between the UK and the EU. Divisions within the UK government about the way forward coupled with EU complaints regarding the lack of clarity have left FX traders convinced that the Brexit is a risk for Sterling.
As reported at 11:18 am (BST) in London, the GBP/USD was trading at $1.3481, down 0.18%, off the session trough of $1.3466 while the peak is at $1.3521. The EUR/GBP is trading at 0.87586 Pence, down 0.10292%; the pair has ranged from a session low of 0.87543 Pence to a high of 0.87828 Pence.
Data Keeping Pound Pressured
Yesterday’s news about tepid wage growth in the UK also has kept the Pound under pressure despite news that UK employers hired more workers than analysts had forecasted. The data has led many FX traders to draw the conclusion that the Bank of England could delay future rate increases which has led to the Pound’s decline. Current sentiment has resulted in the Pound giving up most of its gains to date against the Dollar.