Pound Pressured by Dove's Comments

(MENAFN- Daily Forex) The Pound Sterling came under sell pressure against the US Dollar after comments made by John Haskel, an incoming member of the Monetary Policy Committee of the Bank of England. Haskel was a relatively unknown voice until now, and his dovish commentary and the concerns he voiced for the possible impact on the British economy after the Brexit resulted in a swift sell off for the Pound. Haskel will be replacing a hawk on the MPC and could shift sentiment for the MPC back to tohe dovees. Analysts believe that this comments suggest that he may not be in favor of a rate increase but rather maintaining the status quo.

As reported at 11:22 am (BST) in London, the GBP/USD was trading at $1.3235, a loss of 0.31%; earlier, the pair had traded at a session low of $1.3207 while the high for the trading day is at $1.3292. The EUR/GBP is trading at 0.88153 Pence, up 0.04%; the pair has ranged from 0.87985 Pence to 0.88226 Pence.

Trade War Threat Also Weighs

Fears of an escalating trade war between the US and Europe and China has also kept the Pound Sterling under some pressure. Traders appear to be waiting to learn the outcome of the EU summit later this week wherein the leadership will discuss the trade relationship with the UK after the Brexit and the possible imposition of more tariffs against US imports.

MENAFN2706201801310000ID1097077310