Sterling falls as amid Brexit fears

Sterling falls as amid Brexit fears

The value of the pound fell as more Brexit uncertainty looms. It erased an earlier advance following a report from The Times newspaper that reported that the Prime Minister was preparing to reject the European Union’s improved offer to solve the Irish border issue.

The pound dropped 0.1 percent $1.3135 as of 1:09 p.m. London time, after falling to $1.3099. Sterling weakened 0.1 percent to 88.86 pence per euro, while the yield on 10-year gilts rose two basis points to 1.59 percent.

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Sterling dipped to its session low after the report, which cited a senior government source, said that May will appeal to EU leaders to move away from the bloc’s chief Brexit negotiator Michel Barnier’s position. The British PM is meeting with EU leaders at a summit in Salzburg, Austria. The pound had earlier rallied after stronger-than forecast inflation data.

Sterling climbed 0.89 per cent against the euro at the start of September after the EU’s chief negotiator sounded positive notes about the likelihood of the UK securing a Brexit deal.

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