US Markets

Sterling extends fall, now down 0.5%


Sterling extended losses on Thursday, losing half a percent to the dollar as the possibility of a snap election in the UK and uncertainty over the European Union's Brexit extension decision pulled the currency further off recent 5-1/2 month highs.

By 1422 it was trading at $1.2850 GBP=D3 and againt the euro it was down 0.3% at 86.5 pence EURGBP=D3.

Lee Hardman, a strategist at MUFG said the latest leg lower came after a slight move up in the dollar but markets are also waiting for the European Union's decision on granting Britain a Brexit extension.

Hardman added: "Either way the pound came a long way in a short period of time and if we were to go down the general election route that would put a dampener on the pound."

(Reporting by Sujata Rao)

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