Even after losing almost 20% of its value since the 2016 Brexit referendum, Brit...
LONDON - Even after losing almost 20% of its value since the 2016 Brexit referendum, Britain’s pound continues to be dogged by economic, politic and diplomatic pressures, meaning investors now fear it could be in for another chaotic lurch lower over the summer.
Economic soundings too have turned ugly again as factories, builders and retailers freeze and Bank of England chief Mark Carney - tipped by some as the next International Monetary Fund head - appears to have backed down on his relatively hawkish stance on further interest rate rises to protect the pound.
Against the euro, performance is even more dismal - it is set for a record tenth consecutive weekly fall against the single currency, briefly breaching the psychologically key 90 pence level for the first time since January. The result is that a Citigroup index of economic activity in Britain has dropped to its lowest levels in eight years while similar gauges in Europe have stabilised.
“Historically, the pound has been closely correlated to global growth and particularly to the euro zone growth outlook. Both of them have struggled,” Sharma said.
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