AGL 6.42 Decreased By ▼ -0.03 (-0.47%)
ANL 9.70 Increased By ▲ 0.20 (2.11%)
AVN 76.10 Increased By ▲ 1.15 (1.53%)
BOP 5.43 Increased By ▲ 0.08 (1.5%)
CNERGY 4.91 Increased By ▲ 0.11 (2.29%)
EFERT 77.74 Decreased By ▼ -0.26 (-0.33%)
EPCL 55.19 Increased By ▲ 1.04 (1.92%)
FCCL 15.35 Increased By ▲ 0.35 (2.33%)
FFL 6.30 Increased By ▲ 0.10 (1.61%)
FLYNG 7.20 Increased By ▲ 0.19 (2.71%)
GGGL 10.30 Increased By ▲ 0.25 (2.49%)
GGL 16.28 Increased By ▲ 0.34 (2.13%)
GTECH 8.32 Increased By ▲ 0.47 (5.99%)
HUMNL 6.52 Increased By ▲ 0.25 (3.99%)
KEL 2.90 Increased By ▲ 0.07 (2.47%)
LOTCHEM 27.72 Increased By ▲ 0.07 (0.25%)
MLCF 27.90 Increased By ▲ 0.90 (3.33%)
OGDC 74.25 Increased By ▲ 0.90 (1.23%)
PAEL 15.43 Increased By ▲ 0.13 (0.85%)
PIBTL 5.21 Increased By ▲ 0.06 (1.17%)
PRL 16.47 Increased By ▲ 0.37 (2.3%)
SILK 1.09 Increased By ▲ 0.05 (4.81%)
TELE 10.50 Increased By ▲ 0.05 (0.48%)
TPL 7.80 Increased By ▲ 0.11 (1.43%)
TPLP 19.63 Increased By ▲ 0.41 (2.13%)
TREET 23.05 Increased By ▲ 0.30 (1.32%)
TRG 118.30 Increased By ▲ 2.40 (2.07%)
UNITY 22.18 Increased By ▲ 0.38 (1.74%)
WAVES 11.40 Increased By ▲ 0.25 (2.24%)
WTL 1.15 Increased By ▲ 0.03 (2.68%)
BR100 4,088 Increased By 48.8 (1.21%)
BR30 15,216 Increased By 232.1 (1.55%)
KSE100 40,934 Increased By 313.9 (0.77%)
KSE30 15,343 Increased By 129.6 (0.85%)
Follow us

LONDON: The British pound slipped to a three-day low on Monday, nearing $1.32 versus the greenback as a broad risk-off mood swept through financial markets.

Growing doubts about US President Biden's infrastructure program to see the light of day due to Democrat Joe Manchin's 'no' is prompting a rethink about US growth forecasts for 2022 while surging Omicron cases in Europe are driving worries of potential lockdowns.

The US dollar was the chief beneficiary from the cautious mood with the British pound also hobbled by negative newsflow on the Brexit front.

Foreign Secretary Liz Truss will become Britain's lead negotiator with the European Union over trade to Northern Ireland following the resignation of Brexit minister David Frost, the prime minister's office said on Sunday.

Against the dollar, the British pound, edged 0.2% lower at $1.3205. Versus the euro, the pound weakened by 0.4% to 85.24 pence.

At current levels, the pound has erased all its gains sustained on the back of the Bank of England unexpectedly raising interest rates last week.

"Support from the blindsided BoE action in raising rates was only temporary with focus more on Omicron and government disarray," NAB strategists said.

Britain's Deputy Prime Minister Dominic Raab said on Monday he couldn't make any guarantees when asked whether the government would impose further restrictions before Christmas to control the spread of COVID-19.

Comments

Comments are closed.