The pound is down by 0.8%
The pound is down by 0.8% against the dollar with investors reacting to reports that Boris Johnson is planning a law to prevent an extension of the post-Brexit transition period beyond December 31st 2020. This would leave the UK and the EU with less than a year to negotiate a complex trade deal. The result is that the post-election pound honeymoon is over. Sterling has lost almost 2.5% from the high of $1.35 reached in the immediate aftermath of the election, as markets are left staring down the barrel of a no-deal Brexit at the end of 2020.
Ricardo Evangelista – Senior Analyst, ActivTrades
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