Sterling stuck near two-week low as Brexit rhetoric sharpens

10 Février, 2019, 18:40 | Auteur: Auguste Feret
  • Sterling stuck near two-week low as Brexit rhetoric sharpens

EU Council President Donald Tusk said on Wednesday that he would make no new offer on Brexit and those who promoted Britain's exit without any understanding of how to deliver it deserve a "special place in hell". This suggests that perhaps the Pound's low against the Dollar has more to do with the Dollar than the Pound.

Earlier in the session the currency was lifted by a report that United Kingdom cabinet ministers are discussing plans to delay Brexit by eight weeks.

The pound has been supported in 2019 by a growing belief that a last-minute agreement will avert a no-deal Brexit.

May will return to parliament on February 14 for a debate on the Brexit negotiations, when lawmakers could again try to wrest control of the process from her, but a vote on approving the Brexit deal is likely to come later in the month. This comes as Theresa May travels to Brussels for further discussions on the Brexit withdrawal agreement with EC President Jean Claude Juncker, although the European Union has previously ruled out changing the terms of the agreement.

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Sterling on Wednesday was flat at $1.2954, not far off a two-week low of $1.2923. Against the euro, it traded flat at 87.52 pence. Markets fear that Mrs May does not have a firm proposal, which has likely dampened sentiment in Sterling, causing the GBP/USD pairing to hit a two-week low.

But with no obvious way out of the Brexit deadlock in parliament and May yet to secure any concessions from Brussels, the pound faces further downside risks, analysts say. "However, that should not prevent the market from reflecting the changing likelihood of a "no deal" proportionately in the GBP exchange rates", said Ulrich Leuchtmann, an FX strategist at Commerzbank in Germany.

The British central bank leaves the main interest rate unchanged at 0.75 percent, as generally expected in the financial markets. The next move will probably hinge on how Brexit plays out.

Sterling will gain between 2 and 5 percent if Britain parts ways with the European Union with a deal in place but will slump between 5 and 10 percent in the event of a chaotic Brexit, a Reuters poll found on Wednesday.

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