Brexit Worries Drive Sterling to a Six-week Low Against the Euro
Monday, September 26th, 2016
Sterling slipped to a five-week low against the euro on Monday (September 26), as lingering worries over the economic impact of Britain’s impending exit from the European Union weighed on the currency.
The pound also traded close to a five-week low against the dollar at $1.2985, leaving it less than two cents away from the three-decade low below $1.28 it plumbed in the wake of June’s Brexit vote.
After hitting that low in July, sterling gained 5 percent versus the dollar by early September, as data showed the post-referendum economy holding up better than had been feared. But with parliament back from its summer recess, Brexit worries have come back into investors’ radar and have dampened appetite for the currency.
