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Market Update: Sterling Falls Back to 1-Month Low
The British pound erased early gains to touch a new one-month low of $1.4071 on Tuesday, as investors digested news about the UK-Australia trade agreement and a delay in the UK’s lockdown easing plan. The government said the deal will eliminate tariffs on British cars, Scotch whisky and confectionery; and British farmers will be protected by a cap on tariff-free imports for 15 year. However, some official estimates say the tariff-free agreement could add only £500 million, or 0.02% of GDP, to British economic output over the long term. Meanwhile, Prime Minister Boris Johnson announced on Monday a delay of four weeks to the wider reopening of the UK economy, amid concerns over a rising number of COVID cases. On the economic data front, the UK labor market continued to consolidate its recovery, with the number of employees on company payrolls rising at a record pace in May and wages growing at their fastest since 2007 in the year to April. [/s2If]
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