Sterling Headed For Worst Losing Streak In 3 Years As 'No Deal' Slump Continues

Zero Hedge | 7/30/2019 | Staff
Cayley1561 (Posted by) Level 3
Click For Photo:

The 'great British peso' has had a rough week, and it's only Tuesday. Adding to Monday's sharp selloff, sparked by fears that Boris Johnson is planning to take the UK out of the EU without a deal, the pound tumbled to fresh two-year lows on Tuesday, bringing the currency's total drop over the past four trading days to 2.5%, and 4% since the end of June.

The market's anxieties about a no-deal Brexit are probably here to stay (at least until Oct. 31), with neither the EU nor Johnson willing to compromise on the hated "Irish Backstop". Monday was a "huge day" of selling for GBPUSD, according to Robert Turner, a quant trader at RBC in London, per the FT.

Turner - Sterling - Dec - Year - Height

Turner said flows out of sterling were the highest since Dec. 11 last year, which coincided with "the height of the concern over an imminent no-deal exit."

If the currency doesn't see a sharp rebound in the near future, it will be...
(Excerpt) Read more at: Zero Hedge
Wake Up To Breaking News!
Would you let a person who could only get a government job run your life? Well don't!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!