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Pound to euro rate: Sterling falls amid crucial Brexit EU summit and deadlock talks | City & Business | Finance


Sterling fell to 1.113 against the euro and 1.315 against the US dollar, as Theresa May flew to Brussels for the latest Brexit showdown.

It comes as EU member states are on Friday expected to say there has not been enough progress in Brexit negotiations to start the next phase of talks.

Britain’s so-called divorce bill remains one of the key sticking points in Brexit talks.

Lower than expected retail sales in September also contributed to the pound sell-off, with spending down by 0.8 per cent.

But experts said sterling could soon make a comeback.

Fawad Razaqzada, technical analyst at Forex.com, said: “The mixed-bag domestic data and ongoing Brexit uncertainty has caused the pound to take a hit.

“But now that this week’s UK news is out of the way, there is a possibility that sterling could make a comeback on short covering.”

It comes as the Prime Minister tried to break the deadlock with Brussels by last night telling EU citizens living in the UK they can stay after Brexit.

The uncertainty over Britain’s future after Brexit is putting pressure on the pound, as markets fear for UK business and economies. 

Michael Hewson, chief market analyst at CMC Markets said: “For all the talk of compromise there seems to be precious little of either coming from either side, with the EU side actually tightening up their guidelines when it comes to money.

“With nerves starting to fray on the part of business there is a concern that politicians on both sides are playing with fire.

“A hard Brexit would not only be damaging for the UK but also for Europe, and Ireland in particular.”

A group of Conservative and Labour MPs, as well as top business figures have now called on Mrs May to declare Britain assumes it will be on World Trade Organisation terms with the EU from March 2019, if no breakthrough is reached in Brussels.

More to follow…


Source : EXPRESS

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