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The Italian referendum defeat was not unexpected but the euro has dropped sharply against the dollar as political uncertainty looms large over the EU once more.
Squawk / 17 October 2016 at 9:13 GMT
Portfolio Manager / FxCox™ LLP - London -
United Kingdom
Sterling recovered all of the day's losses against the dollar on Friday after Bank of England Governor Mark Carney said the bank was not indifferent to the level of the pound, now down almost 20% since Britain voted to leave the EU in June.
Carney repeated the bank's traditional line that it did not target a particular exchange rate for the pound, but he added that the level of the pound "does matter" for inflation and the conduct of monetary policy.
Sterling gained half a cent to finish down -0.5% on the day against the dollar at $1.2190 immediately after the remarks. It also gained 0.3% on the day to trade at 89.95 pence per euro. The cable is down -0.20% early in Asia at $1.2160.

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