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Pound shows marginal loss as Brexit fear looms


Devdiscourse News Desk
Updated: 10-05-2019 16:04 IST
Pound shows marginal loss as Brexit fear looms

The government, after delaying Brexit until the end of October, wants to put its repeatedly-rejected withdrawal agreement to parliament. Image Credit: Pixabay

The British pound was little changed on Friday as doubts about whether Prime Minister Theresa May could reach a Brexit agreement with her political opponents pressured the currency, while traders prepared for March economic growth numbers. According to a Reuters poll of economists, Britain's economy is not expected to have grown in March, after expanding 0.2% in February.

Momentum in the British economy has slowed in 2019 as uncertainty related to how and when Britain will leave the European Union has weighed on business investment. But the economy has also proven resilient, with British consumers continuing to spend. Sterling on Thursday dropped to $1.2967, its weakest in May, pushed lower by media reports that talks between the ruling Conservative and opposition Labour parties to agree a Brexit deal had run into the sand.

The government, after delaying Brexit until the end of October, wants to put its repeatedly-rejected withdrawal agreement to parliament. The pound was little changed at $1.3002, while against the euro it fell 0.1% to 86.335 pence.

(With inputs from agencies.)

COUNTRY : United Kingdom

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