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Pound falls below $1.240 as businesses fear 'hard Brexit' – business live

Discussion in 'Market News' started by Lily, Oct 10, 2016.

  1. Lily

    Lily Forum Member

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    All the day’s economic and financial news, as sterling comes under fresh pressure


    8.02am BST

    In another blow, half of Britain’s business leaders expect to cut investment and hiring over the coming year, as Brexit uncertainty chews away at confidence.

    Here’s the story:

    Related: Brexit fears lead large UK companies to plan lower investment

    7.59am BST

    Sterling is likely to keep falling over the next year as the Brexit saga continues, says Dominic Bunning, senior FX strategist at HSBC.

    He predicts the pound will drop to $1.20 by the end of 2016, and $1.10 by the end of 2017.

    It’s hard to see Britain’s goods exports picking up if we’re in dispute with our biggest trading partner.

    7.50am BST

    Sterling is coming under fresh pressure this morning after UK business chiefs warned against crashing out of the single markets.

    The pound has dropped by over half a cent to $1.237, back towards the levels hit on Friday in the aftermath of the infamous ‘flash crash’.

    “What we have heard over the last few days, if you add up the messages in total, are signs that the door is being closed, to an extent, on the open economy, that has helped fuel investment,” she said.

    “It’s very clear from conversations we are having that the world is watching. International investors are watching. Companies here are watching. And they are reading a lot into the signals of this government about how committed they are to creating a strong economy.”

    Related: Hard Brexit risks destroying UK's open economy, says CBI chief

    7.27am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Coming up today.....

    A cornered Donald Trump prowled the presidential debate stage on Sunday, threatening to jail an opponent he called “the devil” in a last-ditch bid to staunch his hemorrhaging campaign hopes.

    Swaying malevolently behind Hillary Clinton as she parried attacks on everything from her husband’s sex life to Wall Street and her foreign policy judgment, the intense Republican dominated the night but made little effort to seduce new voters.

    Related: Donald Trump uses second debate to threaten Hillary Clinton with jail

    Continue reading...
     

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