The pound struggled near a six-month low against the dollar on Tuesday, hampered...
TOKYO - The pound struggled near a six-month low against the dollar on Tuesday, hampered by persistent worries over Brexit that, in turn, weighed on the euro.
The pound was a shade lower at $1.2515 following an overnight loss of 0.5%. A slip below $1.2439 would take sterling to its lowest since early January. “The euro has been weighed by the long struggling pound, which in turn is likely to suffer from Brexit-related woes until the Conservative party leader is decided next week,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.The U.S. currency rose to a six-week high of 108.990 yen last week but slid after Federal Reserve Chairman Jerome Powell set the stage for a rate cut later this month by highlighting uncertainties facing the world’s largest economy.
“Prior expectations that higher equities would weaken the yen held by some market participants have been dashed completely.”
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