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Sterling hits 2-1/2-year low vs euro

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Sterling hit a 2-1/2-year low against the euro and traded less than half a US cent away from a 31-year trough versus the US dollar in risk-averse markets on Tuesday, ahead of a financial stability review from the Bank of England.

[LONDON] Sterling hit a 2-1/2-year low against the euro and traded less than half a US cent away from a 31-year trough versus the US dollar in risk-averse markets on Tuesday, ahead of a financial stability review from the Bank of England.

A survey of purchasing managers from Britain's dominant services sector for June, which should capture some of the immediate reaction to the UK's vote to leave the European Union, is due at 0830 GMT.

Some investors are anxious that the number could be very weak following Monday's data showing the construction industry suffered its worst contraction in seven years.

Against the euro, sterling shed 0.7 per cent to 84.58 pence , its weakest since December 2013.

Sterling also fell 0.9 per cent to US$1.3163 in early London trade, its weakest since it hit the low of US$1.3122 it hit last Monday.

REUTERS

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