Sterling sinks to two-week low vs euro, one-week low vs dollar
LONDON (Reuters) - Sterling sank on Wednesday as profit-taking by traders after a strong first quarter for the British currency pulled it to a week’s low against the dollar and its lowest in two weeks against the euro.
The pound fell on Tuesday, losing 0.6% against the dollar and over 1% against the euro - its worst day against the single currency in five weeks as investors took cash off the table.
By 0803 GMT on Wednesday, the pound was down 0.14% against the dollar at 1.3802, having hit a one-week low of $1.3773 in early deals. It traded 0.15% lower to the euro at 86.03 pence.
Market participants still expected limited losses for the pound. Some also cite seasonal factors such as the end of the tax year in Britain, for expectations that it will appreciate.
“Sterling corr...