Sterling tumbles to six-week trough

Economies.com
2017-03-07 16:32PM UTC

Sterling kept falling on Tuesday for the second straight session to a six-week trough, amid growing negative pressure on the pound from dollar's advance and Fed's rate hike prospects.
 
GBP/USD last traded at 1.2189, down from the opening of 1.2237, with an intraday high at 1.2252, and a low at 1.2169.
 
Sterling's current drop comes as the dollar expands gains versus a basket of currencies, hurting the royal currency, specially amid a lack of market-moving data from Britain.
 
Markets were consumer today by expectations the Federal Reserve will increase interest rates next week, hurting dollar's main rivals and nudging Wall Street lower as well.
 
Additional concerns regarding Scotland's independence desires from the United Kingdom kept the pressure alive on the pound, following the shock of Britain's exit vote from the European Union.

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