Sterling notches 6-week lows as Brexit tensions rise

SectorFinancial Markets

EU's Brexit negotiator Michel BarnierNurPhoto | NurPhoto | Getty ImagesLONDON — Sterling touched six-week lows against both the U.S. dollar and the euro on Wednesday morning after the U.K. revealed plans to renege on its Brexit withdrawal agreement with the EU.By mid-morning trade in Europe, the pound was changing hands at around $1.2947, down 0.3% for the day and by more than 3% since the beginning of September. Benchmark one-month implied volatility has also spiked in the past week, mirroring investor concerns.The euro gained another 0.25% against the pound, trading at around 0.9086 having appreciated more than 1.9% since the start of the month.The British government is set to announce new details on its existence outside the European Union later on Wednesday, with a particular focus on the already agreed terms more...