Pound Falls to 2 1/2 Year Low – 13 August, 2019

The pound continued to decline to a 2 1/2 year low over growing Brexit worries, despite United Kingdom wage growth data showing an 11 year high in the second quarter by an annual 3.7%. Sterling fell 0.1% against the dollar to $1.2066, but remained steady against the euro at 92.79 pence. Progress in U.S.- China trade talks did little to help the British currency recover as Prime Minister Boris Johnson stands firm on his efforts to have Britain leave the European Union with or without a deal come October 31. Some investors are expecting political uncertainty in the coming months, while strong labor data may pressure a hold on interest rates from the Bank of England.