Sterling Struggles to Make A Comeback, Offshore Yuan Slips – 6 August, 2019

Sterling managed to claw its way out of the red, but ongoing Brexit worries capped the currencies gains. After an almost two year low versus the euro, the pound gained 0.3% against the dollar, rising to as high as $1.2209 before settling at $1.2175, just above the 31 month low it hit last week of $1.2080. Sterling gained 0.3% against the euro to 92.49 pence after hitting a 23 month low. While gains were made, investors are still very cautious about the future of the currency and the country as it struggles to come to a Brexit agreement with the European Union, a divorce Prime Minister Boris Johnson said he will make sure happens by the October 31 deadline with or without a deal. In other currencies, the offshore yuan fell to 7.0701 per dollar, just above the currencies beginning of international trading in 2010 at 7.1397. The onshore yuan opened at 7.0369 per dollar. Against the yen, the dollar fell 0.3% to 106.13 yen, and the euro was flat at $1.1202.