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Pound slips despite BoE rate hike prospects

by Purvai Dua July 26, 2018

written by Purvai Dua 26^th Jul 18 2:52 pm

The pound struggled to gain ground against the dollar in early trading today amid mounting uncertainty over Brexit.

With just over eight months left until Britain is due to leave the EU, there is little clarity on how trade will flow as Theresa May tries to strike a deal with the bloc. The pound has been vulnerable to Brexit’s to and fro in recent weeks.

In early trading today, Sterling rose to as high as $1.3213 against the dollar and then fell into the red to $1.3180.

Meanwhile, the markets are abuzz with Bank of England’s August policy meeting on August 2, where Mark Carney and his colleagues are expected to nudge rates up to 0.75 per cent, going beyond last November’s increase back up to 0.5 per cent.