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Pound tumbles on Brexit agony as trade fight weighs on Wall Street

Published : Thursday, 23 May, 2019 at 10:54 AM  Count : 140

Pound tumbles on Brexit agony as trade fight weighs on Wall Street

Pound tumbles on Brexit agony as trade fight weighs on Wall Street


The pound hit a four-month low against the dollar Wednesday after Prime Minister Theresa May’s latest Brexit maneuver drew widespread scorn, while Wall Street shares declined amid anxiety over US-China trade uncertainty.

The pound also was weaker against the euro a day after May offered a revised EU divorce deal that included a promise for lawmakers to set a confirmatory referendum on whatever version of Brexit they end up approving, AFP reports.

“Politicians from all sides trashed her proposals, leaving the pound mired at four-month lows while the prime minister awaits her end of days,” said OANDA senior market analyst Jeffry Halley.

“A settlement remains as distant as ever,” he warned.

May has failed three times to pass her controversial withdrawal agreement in parliament, and has vowed to set out departure plans shortly after the next vote on her deal.

European stock markets gyrated, with London and Frankfurt eking out gains and Paris slipping lower.

Wall Street stocks, which have been volatile over the last two weeks in the wake of new tariff announcements by Beijing and Washington, pulled back again. The US and China have said they expect to resume talks but have not
set a date.



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