Sterling tumbles on Brexit concerns The pound has been on a wild ride over the past month, as the political turmoil over Brexit developed into a full-blown national crisis. Sterling surged to a high-point for the year of more than $1.33 against the US dollar in March amid speculation a deal could be agreed, but sank back down below $1.30 as the chances of Theresa May pushing her Brexit deal through parliament evaporated. The pound has dropped by 2% against the dollar and 1.5% against the euro. Sterling remains worth about 13% less than before the EU referendum in June 2016. Stock markets surge to six-month high The FTSE 100 burst through the 7,500-point mark this week for the first time since October, helped by central banks around the world leaving interest rates on hold and robust economic data from some of the globe’s biggest economies. The weaker pound has also helped Britain’s biggest companies, which make the bulk of their profits from abroad in foreign currencies. The International Monetary Fund has, however, warned that the majority of countries worldwide can expect slower growth in 2019, in a signal that the recent gains on the financial markets could be short-lived…. Read full this story
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