Hewson: Pound Path Clears When Brexit Noise Quells
The pound slid to a five-year low against the euro as traders reacted to speculation that Britain is facing a so-called hard Brexit. Sterling was little changed versus the dollar, after setting a fresh 31-year low earlier, following reports on Tuesday that British Prime Minister Theresa May would not give the financial services sector any special favors in talks to exit the European Union. Declines this week were sparked by her Oct. 2 remark that the two-year withdrawal process would begin in the first quarter of 2017. CMC Markets Chief Market Analyst Michael Hewson discusses sterling and the outlook for the euro with "On the Move" hosts Guy Johnson in London and Caroline Hyde in Frankfurt.