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British Currency Slides to 28-Month Low on Brexit Fears
Fears about terms of the U.K.’s departure from the European Union have cut the value of the British pound against the dollar and euro to 28-month lows.
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Fears about terms of the U.K.’s departure from the European Union have cut the value of the British pound against the dollar and euro to 28-month lows of $1.22 and €1.10.
The decline comes as the government of new Prime Minister Boris Johnson prepares for a “no-deal” Brexit at the end of October. Johnson has taken a hard line on the ext, declaring the deal worked out by former PM Theresa May as “dead.”
Johnson hopes to extract a better last-minute arrangement from the European Union. But he also has repeatedly stated that the U.K. will leave the EU deal or no deal.
The pound sterling has been on a trending lower against the U.S. dollar for 15 months from $1.42 in early April 2018. Analysts predicts further weakening as Brexit approaches.
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