Wednesday 14 November 2018

Pound plunges after warning

  

Money notes
Money notes

Kate Duguid

Sterling plummeted after British Prime Minister Theresa May's stern Brexit 'no-deal' warning to the European Union.

The pound was down 1.5pc yesterday, its biggest daily loss since June 2017.

The dollar rose on the back of the pound's move, rebounding from early lows, but was still on track for its biggest weekly drop since February as stronger equity markets and rising bond yields fuelled a rush to buy riskier assets.

Against the euro, the pound was down 1.1pc at €1.1144 after Mrs May's statement.

"Sterling bears are out in full force. They've pushed the pound quite aggressively down this morning," said Dean Popplewell, chief currency strategist at Oanda in Toronto last night.

"And it looks like they want to push things further," he added.

Irish Independent

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