British Pound Remains Weak More than a Year After Brexit Vote, Euro Strengthens Against Dollar

By Jesse Sokolow on 24 July 2017
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DSC_0835The pound fell to a two-week low against the U.S. dollar late last week, as anxiety of Brexit weighed heavily on the British currency.

In trading last Thursday in New York, the pound plummeted to $1.2942, the lowest it had been since July 12, when it was at $1.2818. It has since recovered slightly, trading at $1.3050 Monday morning.

In recent weeks, the pound spiraled to multi-month lows against the euro, Australian dollar, and Canadian dollar. It has improved marginally at the start of this week, coming in at €1.12, 1.65 Australian dollars, and 1.63 Canadian dollars.

Meanwhile, the euro rose to its highest level since January 2015 early Monday, trading at $1.168. A strong euro typically has a negative impact on major European exporters and shares in Volkswagen, Daimler, and BMW fell by 2.7%, 3.3%, and 2.3% respectively.

Finally, in Tokyo, the dollar slipped below ¥111 in late trading on Monday amidst increasing uncertainties over the policies of the Trump administration.

(Photo: Accura Media Group)

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