Volatile sterling swings on Brexit talks fears

Sterling swung between gains and losses yesterday, whipsawed by headlines surrounding the status of the UK’s eventual exit from the EU.

Still, the currency headed for its first weekly advance in a month as market pricing for a rate increase by the Bank of England climbed. Sterling was trading higher on the day, after earlier falling in just one minute as German chancellor Angela Merkel’s press secretary said that it was too early to discuss any transition deals on Brexit.

European Commission president Jean Claude Juncker also said that the process would take longer than initially thought.