U.S. dollar rallies against British pound

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The U.S. dollar rallied against British pound on Monday after British Prime Minister Theresa May said she would spell out her Brexit strategy over the coming weeks.

May said in a television interview on Sunday that Britain would not be able to keep “bits” of its membership of the European Union. Her comments made some fear that there will be a “hard Brexit.”

The pound fell as low as 1.2125 dollars in intraday trading, its weakest against the dollar since the end of last October.

Otherwise, the dollar went down against most major currencies after a sharp rise in the previous session. The dollar index, which tracks the greenback against six major peers, was down 0.23 percent at 101.980 in late trading.

In late New York trading, the euro rose to 1.0570 dollars from 1.0561 dollars, and the British pound dipped to 1.2164 dollars from 1.2266 dollars. The Australian dollar increased to 0.7364 dollars from 0.7296 dollars.

The dollar bought 116.13 Japanese yen, lower than 117.05 yen in the previous session. The dollar fell to 1.0154 Swiss francs from 1.0175 Swiss francs, and it edged down to 1.3219 Canadian dollars from 1.3244 Canadian dollars. Enditem

Source: Xinhua/NewsGhana.com.gh

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