Forex

Sterling trims losses, but remains lower after weak data

2020-01-13 22:11:22 GMT (Economies.com)

The British pound fell today, on the lingering concerns about the odds for the BoE to cut interest rates and weak economic data.

 

The UK revealed today that GDP shrank by 0.3% in December, its fourth straight monthly contraction.

 

British PM Boris Johnson expressed that he is confident that the UK and the EU would reach a fair Brexit deal.

 

Britain will implement the Brexit on January 31, and will enter a transitional period until December 31.

 

Sterling fell under pressure since Bank of England's President Mark Carney hinted a possible rate cut.

 

GBP/USD fell by 0.5% to 1.3001 as of 20:38 GMT, after the pair hit a day high of 1.3063 and a low of 1.29062.

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