Pound re­mains un­der pres­sure

The Star Early Edition - - BUSINESS REPORT / INTERNATIONAL -

STER­LING edged up against the dol­lar yes­ter­day, with traders cau­tious as Britain for­mally be­gan ne­go­ti­a­tions to leave the EU and do­mes­tic po­lit­i­cal un­cer­tainty dented ap­petite for the cur­rency. Data re­leased by the Com­mod­ity Fu­tures Trad­ing Com­mis­sion on Fri­day showed spec­u­la­tors took bets against the pound to the high­est since early May up to last Tues­day, amid po­lit­i­cal tur­moil in Britain af­ter no party man­aged to win a par­lia­men­tary ma­jor­ity in the June 8 elec­tion. Ster­ling climbed sharply on Thurs­day af­ter it emerged that the Bank of Eng­land’s mon­e­tary pol­icy com­mit­tee had seen a 5-3 split on whether to raise in­ter­est rates im­me­di­ately, but the pound did not man­age to hold on to those gains. – Reuters

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