Sterling slipped against the dollar on Friday, as stalled Brexit talks and further signs of damage to Britain's economy from the coronavirus pandemic took some shine off the currency's gains in April.
LONDON - Sterling slipped against the dollar on Friday, as stalled Brexit talks and further signs of damage to Britain’s economy from the coronavirus pandemic took some shine off the currency’s gains in April.
A source close to Britain’s negotiating team said the country was confident it can get a deal on future ties with the European Union if Brussels started treating it as an independent negotiator. Despite the coronavirus outbreak, Britain has said it will not ask for an extension to this year’s transition period.By 0753 GMT, sterling was down 0.3% against the dollar at $1.2558.Sterling registered a 1.4% gain against the dollar in April, rallying hard last week. But with speculators turning negative on the pound for the first time since December 2019, analysts say the currency’s near-term future looks gloomy.
British factory output risks falling by more than half during the current quarter after 80% of manufacturers reported a collapse in orders due to the coronavirus outbreak, trade body Make UK said.
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