The pound fell during today's trading to trade near the lowest level since the beginning of the week at the levels of 1.3070, following the speech of Theresa May, the British Prime Minister on Brexit.
She pointed out that talks with the European Union had stopped after the British proposals were rejected without offering an alternative, which caused the pound to fall in front of its rivals. An official EU summit is scheduled for next month and officials have confirmed that another meeting will be held in November.
With the start of trading today, the U.S. dollar recovered from its lowest level since early July but is still on track to record its biggest weekly decline in seven months as the strength of the stock market and rising in bond yields boosted the purchase of high-risk assets.
With fears of a trade war easing and banks in emerging markets taking action to stabilize their currencies, as in Turkey, the euro rose to 1.18 for the first time in more than three months before easing back to the 1.1750 levels.
