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Newsflash: Pound nears 29-month low as no-deal Brexit risks rise

business-articlesNewsflash: Pound nears 29-month low as no-deal Brexit risks rise
Boris Johnson has been Prime Minister for less than a week but his new government is already making waves in the currency market, with the pound falling 1-2% against its peers on the back of his government’s increasingly hard-line stance on Brexit.
The sharp GBP decline was initially triggered by suggestions that the government is now ‘working on the assumption’ that the UK will leave the EU without a deal, with further losses driven by signals that Johnson will not meet with his European counterparts unless they are willing to reopen Brexit negotiations and drop the Irish backstop.
Reports suggest that the EU is ‘ready to call Boris Johnson's bluff’ and is preparing to hold a no-deal summit two weeks before the UK is due to leave.

Key rate movements
  • GBP/USD collapses over 2%, hitting $1.21 for the first time since February 2017
  • GBP/EUR brushes €1.08 with the pairing closing in on a two-year low*
*Both rates quoted are interbank 
Brexit – What has the UK government said?
  • Michael Gove – Gove suggests ‘No deal is now a very real prospect’ and that the government ‘must operate on the assumption’ that the UK will not strike a new deal with EU leaders.
  • Dominic Raab – The Foreign secretary has said the UK won’t re-open talks with the EU until it drops the Irish backstop agreement and that getting a good trade deal with the EU could be ‘much easier’ following a no-deal Brexit.
  • Boris Johnson – Speaking in Scotland the PM suggested ‘there is every chance we can get a deal’ but at the same time repeated that the UK will leave the EU with or without a deal on 31 October.
This hard-line Brexit stance is likely to create heightened volatility in GBP exchange rates over the next three months, so please get in touch if you would like to discuss an upcoming currency transfer.

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