The Pound Sterling slid against the US Dollar on Monday as investors' focus shifted to the upcoming Brexit talks. These negotiations could be the deciding one which will determine whether a trade deal is eked out before Britain leaves the European Union next March. Concerns over the possibility of a withdrawal without a deal in place have resulted in the Pound losing steadily against the Dollar over the past six weeks, despite upbeat economic data from the UK.
As reported at 11:00 am (BST) in London, the GBP/USD was trading at $1.2742, down 0.09%; the pair has ranged from a session trough of $1.2730 to a peak of $1.2753 in today's session. The EUR/GBP is trading at 0.897 Pence, down 0.18% and off the session low of 0.89529 Pence while the peak is at 0.89770 Pence.
Business Leaders Jittery
According to data, the Pound has lost about 12% of its value relative to the US Dollar, and analysts foresee more losses ahead given the Brexit worries. One recent survey reflects those real concerns; according to the Institute for Directors employers group, trade concerns with the EU are the largest concern among the 750 respondents. In fact, says one economist from the group, the results show a level of pessimism not seen since before Phase One of the Brexit negotiations.