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Sterling stuck near one-week low with no Brexit breakthrough in sight

Wednesday,   06-Mar-2019   04:18 PM (IST)

The pound remained stuck near a one-week low on Wednesday with a lack of progress in Brexit talks prompting concern that a vote on Prime Minister Theresa May’s deal could be delayed.Talks between May’s top government lawyer and European Union negotiators to win concessions from the bloc on Brexit ended on Tuesday without agreement and no breakthrough is expected before the weekend. Britain is due to leave the EU in 23 days and sterling investors are on edge. The pound has dropped this week as doubts mount over how, or possibly even if, Britain’s exit will take place. May has offered lawmakers the chance to seek to prevent a no-deal departure and to delay Brexit if parliament rejects the deal in a vote she has promised to hold by March 12. At 0930 GMT the pound was down 0.3 percent at $1.3140, close to a one-week low of $1.3097 hit on Tuesday. It was also struggling against the euro, down 0.2 percent at 86.02 pence. One of the best-performing major currencies so far in 2019, sterling rose sharply last week as investors bet a no-deal Brexit would be avoided and Britain’s EU exit delayed.