Sterling slipped to its lowest since June 2017 following media reports on Brexit vote postponement. According to sources UK Prime Minister would delay a parliamentary vote on Britain’s Brexit deal. The pound slumped against the euro and the dollar on the news about the postponement on the eve of the vote.
Trade concerns renewed on Thursday following the arrest in Canada of a top executive of Chinese tech giant Huawei. The US and the Japanese currency rose.
The euro is one of the most important currencies in the world. Further, the single currency is one of the currencies that traders worldwide prefer to trade in the Forex market. The single currency belongs to Majors and is the second most popular among Forex traders following the greenback.
Possible US recession renewed pressure on dollar due to an inversion in part of the Treasury yield curve.
The greenback strengthened on Friday, as investors nervously awaited the result of Trump-Xi talks. The meeting between the leaders of the world’s two biggest economies this weekend may determine further escalation of trade tensions.