Sterling resumes decline from four-week high against dollar

2018-07-11 16:08:06 GMT (Economies.com)
Sterling resumes decline from four-week high against dollar

Sterling fell in American trade away from June 14 for the second session out of three versus dollar, ahead of a speech by Bank of England governor Mark Carney about the global financial crisis at the National Bureau of Economic Research conference, in Boston, and following earlier inflation data from the US. 

 

As of 03:23 GMT, GBP/USD slipped 0.29% to 1.3237 from the opening of 1.3275, with an intraday low at 1.3234, and a high at 1.3285. 

 

Brexit Upheaval   

 

Earlier today, UK Prime Minister Theresa May defended her plans for Brexit negotiations, asserting how they seek to achieve what the majority voted for in the Brexit referendum, by ending freedom of movement and taking Britain out of the jurisdiction of the European Court of Justice and stopping the influx of UK money to the EU budget. 

 

The UK government is facing upheaval after two ministers resigned from their posts in protest of Prime Minister Theresa May's handling of Brexit negotiations with the EU, in particular towards her perceived "concessions" with the Union in relation to trade and customs. 

 

US Inflation 

 

Otherwise, earlier US data showed producer prices rose 0.3% in June, slowing down from 0.5% in May and beating estimates of 0.2%, while core prices rose 0.3%, same as before and also beating forecasts of 0.2%. 

 

Federal Reserve Bank of Atlanta President Raphael Bostic is scheduled to speak at the Virginia Society of Certified Public Accountants, while Federal Reserve Bank of New York President John Williams is due to speak about the local economy at a town hall event, in Brooklyn later today. 

 

 
 
 
  Symbol Last Change Chg.%
1.1695
0.0064
0.5468%
1.3204
0.0134
1.0230%
14.216
0.149
1.059%
71.040
2.053
2.975%
79.46
0.06
0.08%
1202.740
8.965
0.751%
 
 
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