Pound Tumbles on Chipmaking Concerns and Brexit Uncertainty

The British Pound took a hit on Monday as risk appetite shifted sour due to news that a Chinese state-backed company is producing chipmaking machines. This development led to a sell-off in ASML, the Dutch-based company.

The GBP/USD traded at 1.3305, after reaching a high of 1.3363. The Pound Sterling retreated by 0.13%, despite the US Dollar being flat for the day.

The news also weighed on the UK's chipmaking industry, which is already facing uncertainty due to the country's departure from the European Union.