• Money & Markets
Saturday, May 28, 2022
  • Login
No Result
View All Result
NEWSLETTER
Money & Markets
18 °c
Nairobi
18 ° Fri
18 ° Sat
18 ° Sun
18 ° Mon
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
  • News
  • Big Read
  • Markets
  • Economy
  • Investing
  • Energy
  • Opinion
  • Africa
  • World
No Result
View All Result
Money & Markets
No Result
View All Result
Home World

Pound tumbles as UK premier sets Brexit process date

by admin
June 12, 2020
in World, Markets
0 0
0
Pound tumbles as UK premier sets Brexit process date
0
SHARES
28
VIEWS
Share on FacebookShare on Twitter

The Sterling has fallen to its lowest level against the dollar since the beginning of July after Theresa May (pictured) outlined the timetable for starting Brexit negotiations.

It also hit a three-year low against the euro before recovering some ground.

On Sunday, the prime minister said she would trigger Article 50, the clause needed to start the process, by the end of March 2017.

That means the UK is likely to leave the EU by mid-2019. In early morning trade, the pound was down 1% against the dollar at $1.2854 and also fell by about 1% against the euro to €1.1433.

The pound has since picked up some ground against both currencies.

Volatility

Mrs May’s announcement had “unsurprisingly, been bad news for the pound”, said Connor Campbell, Spreadex financial analyst.

“Sterling has been spooked by May’s promise to trigger the dreaded Article 50 by the end of March 2017.

“Not only that, the PM, in a move to appease the more rabid members of the Tory party but one that is set to cause revolt from the backbenchers, has signalled that curbing immigration is the top Brexit priority even if it comes into conflict with Britain remaining in the single market,” he added.

“Combine all this volatility together and the pound has been left at its worst price since the start of July.”

Sterling fell to its lowest intraday level against the dollar since 6 July, when it hit $1.2797.

Exporters benefiting

Meanwhile, the FTSE 100 rose by more than 1% in late morning trading.

“A slump in sterling made life easier for UK markets, with price action so far this morning seeing high-quality international firms receiving a receiving a flood of buyers,” said Chris Beauchamp, chief market analyst at online trader, IG.

The FTSE fell sharply in the immediate aftermath of the referendum, but has subsequently recovered and is up nearly 10%, because listed exporting firms have benefited from the fall in sterling.

After the pound fell sharply at first on Monday, it then recovered some ground after a closely watched survey of the manufacturing sector indicated it grew at the fastest pace for two years in September.

“Another rise in the UK’s manufacturing PMI helped sterling to recover some of its losses, and while the move this morning has garnered plenty of attention it is a pale imitation of the action seen in the immediate aftermath of the Brexit vote,” Mr Beauchamp added. (BBC)

Tags: brexitSterling poundTheresa May
admin

admin

Next Post
Kenya’s economy to grow by over five percent in 2016, IMF report says

Kenya's economy to grow by over five percent in 2016, IMF report says

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *




Latest Articles

  • East Africa Real Estate sector registers strong growth Post-Pandemic
  • Capital Markets Authority Gives Nod for TransCentury Rights Issue
  • Opportunities to explore in the vast DRC market
  • Region’s top 41 brands crowned in a post pandemic awards gala
  • 34 scholars from the 2021 class of the Equity leaders program secure Admissions to Global Universities
  • People’s charter on jobs in Africa calls for the creation of 15 million jobs annually in Africa
  • Safaricom and Gulf African Bank Launch Shariah Compliant Halal Pesa  
  • USIU-Africa partners with the University of Nevada, Reno to launch Africa’s first behavioral analysis training course
  • Kisumu to Host Fourth Leg of Safaricom Golf Tour
  • Kenya’s new Cyber Shujaa program targets to train 2,000 youth as cybersecurity experts

TOP SEARCHES

acquisition AfDB Airtel Banks brexit BrighterMonday Kenya CBK Central Bank Central Bank of Kenya China COVID-19 dividends energy Equity Bank Equity Group Equity Group Holdings Finserve High Court IFC Imperial Bank Insurance interest rates Jambojet Jumia KCB KDIC KenGen Kenya Kenya Airways KRA M-Pesa MD mKey NSE Patrick Njoroge profit profits Safaricom Safaricom foundation shareholders shares SMEs StarTimes Tanzania Uhuru Kenyatta




  • Money & Markets

© 2020

No Result
View All Result
  • Money & Markets

© 2020

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In