Published On: Tue, Jul 18th, 2017

Sterling slips back below $1.31 as Brexit talks begin

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LONDON: Sterling slipped back below $1.31 on Monday after soaring to its highest levels in 10 months at the end of last week on a broad dollar sell-off.

Traders were cautious as four days of Brexit negotiations began in Brussels.

The pound jumped almost 2 cents on Friday to hit $1.3113, its strongest since last September, after U.S. inflation and retail sales data came in weaker than expected, putting into doubt the prospect of a further rate hike from the Federal Reserve this year.

But sterling started the week by edging down from those highs, trading down 0.1 percent on the day at $1.3089 and flat against the euro at 87.50 pence.

 

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