Tuesday 21 November 2017

Sterling shows recovery signs after slump

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Colm Kelpie

Colm Kelpie

Sterling has recovered slightly after its worst month since last October.

The pound was hovering at over 91 pence to the euro. Earlier this week it broke through the 93 pence mark.

It hit a three-week high yesterday, boosted by a stronger-than-expected business sentiment survey as well as a poorer-than-expected US economic report that knocked the dollar down.

Withdrawal

However, uncertainty over Brexit talks continues to weigh on the pound.

Chief EU negotiator Michel Barnier said that Britain's withdrawal negotiations had failed to make the kind of progress needed to move into a new phase. That leaves businesses still facing the risk of a "cliff-edge" fall into complex World Trade Organisation tariffs.

Irish Independent

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