LONDON, Dec 20 (Reuters): Sterling edged up against the dollar and euro in a quiet day of trading on Wednesday, with investors cautious about taking on large new positions on the currency ahead of the Christmas holiday and phase two of the Brexit talks next year.
With thin trading and little economic data to shift interest elsewhere, focus on the next round of divorce negotiations between Britain and the European Union left the pound unable to break outside of the ranges it has traded in over the past two weeks despite some progress in Brexit talks.
Prime Minister Theresa May last week secured a deal to move negotiations to the next stage, so that post-Brexit trade and a transition arrangement can be discussed.
The BBC reported on Wednesday that the Bank of England will allow European banks to continue selling their services in the United Kingdom without having to create expensive subsidiaries after Britain leaves the EU, giving sterling some marginal support.
Sterling edges up against the dollar
FE Team | Published: December 21, 2017 00:33:50
Sterling edges up against the dollar
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