Sterling falls to a two-week low against the dollar as the U.S. currency recovers and U.K. fiscal concerns mount.
The dollar rises on hopes for trade deals as the President Trump confirmed a three-week extension to the deadline for trade negotiations until August 1. In the U.K., the Labour government recently made major concessions to its welfare reforms following a backlash from party MPs. Efforts to rein in special educational needs spending face a similar fate, Monex Europe analysts say in a note.
That sets up another political fight in the coming weeks that could weigh further on sterling, they say. Sterling falls to a low of $1.3537. The euro rises 0.3% to 0.8636 pounds.
Source: Marketwatch
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