Pound tumbles towards 30-month lows
Sterling extended losses and fell below US$1.23 towards 30-month lows yesterday, as more investors rushed to factor in the growing risk of a no-deal Brexit and the chance that new British prime minister Boris Johnson will call an early election. "The market is now increasingly concerned about hard Brexit being a possibility," said Esther Maria Reichelt, an analyst at Commerzbank in Frankfurt. Until recently, most investors had believed a last-minute agreement would be reached. This view is being strongly tested - the government said yesterday it assumed there would be a no-deal Brexit because a "stubborn" European Union was refusing to renegotiate their divorce. At lunchtime yesterday, the pound was worth N$17.47. Photo Nampa/Reuters
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