TOKYO/SYDNEY: Sterling faltered on fading hopes of a Brexit deal on Thursday, while a five-session rally in Asian stocks ran out of steam as weak U.S. retail sales fanned fears about the health of the world's biggest economy.
Sterling fell 0.5per cent to US$1.2762 on the news, drifting from a six-month top of US$1.2877 touched on Wednesday. "It looks like the trade war has claimed yet another victim, in addition to diminished business confidence and reduced investment spending, as consumers are starting to chicken out," said Chris Rupkey, chief financial economist at MUFG Union Bank.U.S. Treasury Secretary Steven Mnuchin said on Wednesday that U.S. and Chinese trade negotiators were working on nailing down a Phase 1 trade deal text for their presidents to sign next month.
Source: News Formal (newsformal.com)
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