Sterling on backfoot as political turmoil dogs Brexit process

Sterling wallowed near a more than two-year low on Tuesday on growing investor w...

TOKYO - Sterling wallowed near a more than two-year low on Tuesday on growing investor worries about a “no-deal Brexit” as rival British lawmakers fought for control over negotiations to leave the European Union.

The yuan will come into focus during Asian trading after it slipped to a record low versus the dollar in offshore trade due to fading hopes for a resolution to the U.S.-China trade war. “The pound is being sold all over the place, because the political risk has forced us to recognise that a no-deal Brexit is possible,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities in Tokyo., flat so far in Asian trading but close to the lowest in more than two years. The pound tumbled 0.8% on Monday, its biggest decline in more than three weeks.

Elsewhere in currency markets, the dollar index=USD rose 0.27% on Tuesday to 99.082, reflecting weakness in other major currencies. U.S. financial markets were closed on Monday for a public holiday.traded at 7.1940 per dollar, close to its weakest since international trading in the currency began in 2010.

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