Sterling tumbles against dollar
2017-11-13 18:43:17 GMT (
Sterling tumbles against dollar

Sterling fell against the dollar in American trade amid a lack of data from Britain and the US, and after a speech by Federal Open Market Committee member Patrick Harker. 


As of 06:58 GMT, GBP/USD slid 0.64% to 1.3111 from the opening of 1.3196, with an intraday low at 1.3062, and a high at 1.3204. 


Earlier from Britain, Prime Minister Theresa May's spokesman said in earlier remarks that May hopes for quick agreement on the shape of the transitional period with the European Union and move on to the next phase of negotiations as soon as possible. 


Similarly, the UK Sunday Times reported earlier that 40 members of the British Parliament have agreed to sign a letter to withdraw confidence from the Prime Minister, which is still below the minimum necessary to conduct a vote on the issue, as the Conservative Party's internal rules specify the agreement of 48 MPs before voting on the future of the Prime Minister. 


Otherwise, Federal Open Market Committee member Patrick Harker said earlier in Tokyo that he expects an interest rate hike in the December 13-14 Fed meeting despite warnings from Fed policymakers regarding softening inflation in the US.  


Harker predicted the Fed to carry on its policy tightening and hike overnight interest rates for a third time this year to between 1.25% and 1.50%, or by 25 basis points, to ready for any future shock, ahead of US inflation data later this week for October, expected to show further softening. 


Otherwise, Federal Reserve Chair Janet Yellen, Bank of Japan governor Haruhiko Kuroda, Bank of England Governor Mark Carney, European Central Bank President Mario Draghi, are all due to participate in a panel discussion titled "At the heart of policy: challenges and opportunities of central bank communication" at the Central Bank Communications Conference hosted by the European Central Bank, in Frankfurt.

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