Pound touches session lows on Brexit concerns

14:19 17 July 2018
The UK currency was supported by the encouraging labour market report earlier today, but these gains already disappeared. The abrupt reversal has come on the heels of Brexit-related revelations that the UK Labour Party is likely to back the customs bill amendments so as to defeat Theresa May. Let us remind that those amendments were accepted by the government on Monday. Notice that final negotiations between the UK and the EU are expected to be held this fall, and then the UK is due to leave the block on 29 March 2019. As of 2:17 am BST the GBP is trading 0.55% lower against the US dollar which is gaining a foothold ahead of the Powell's testimony.

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