Sterling slide no longer a boost for Britain's FTSE 100
Sterling slide no longer a boost for Britain's FTSE 100
Will Britain actually extricate itself from the EU
12 August, 2018, 10:03
The pound fell today, slumping below US$1.29 for the first time in nearly a year, in a selloff fuelled by investor concern that Britain will crash out of the European Union without a trade deal.
Traders said there was no obvious catalyst other than growing anxiety over the lack of progress on Brexit before a series of meetings between the European Union and Britain starting next month.
The pound fell on Monday after minister for worldwide trade Liam Fox said there was a 60 per cent chance the United Kingdom would leave the EU without a deal, putting the blame on "intransigence" from the European Commission.
If the direction of travel persists, the FTSE 100 and the pound could soon be positively correlated for the first time since December 2016 - bad news for United Kingdom stocks, as sterling slumps to a near one-year low. Three-month sterling volatility rose to its highest since March.
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The pound also fell below US$1.29 for the first time since August 31 2017.
While most of the blame for the pound's tumble has been put squarely on fears of the United Kingdom crashing out of the European Union without a deal, analysts have been keen to point out that August has always been a hard month for the currency.
"Right now we're short of any meaningful news flow and uncertainty is high - that's not a good thing", said Jordan Rochester, an analyst at Nomura International Plc.
The pound has fallen more than 10 per cent since mid-April versus the dollar.
Barclays said Friday's GDP data showed that the British economy's second-quarter rebound only offset the first-quarter weakness.
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The views expressed therein are not necessarily those of stlucianewsonline.com, its sponsors or advertisers. Vidiadhar Surajprasad Naipaul wrote more than 30 books and won the Nobel Literature Prize in 2001.
He was at 3-over par for the second round through nine holes and 4 over for the tournament, putting him in a tie for 111th. He finally made one at No. 10 and came back with still another birdie at No. 11 before play was suspended for the day.
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