Sterling |
It feels like sterling investors woke up to the fact that Boris Johnson’s Brexit deadline is a little more than 40hrs away and headlines remains unclear as to whether conditions will be met for the UK and EU to agree a trade deal, avoiding a no-deal Brexit. Sterling’s descent yesterday was started by a comment from Boris Johnson to his Cabinet that the UK is ‘ready and willing’ for a no-deal outcome. The negative mood increased after Ireland’s Foreign Minister told reporters that he believed that there will no breakthrough at the European Council meeting this Thursday, and he was unwilling to “sell out” the continent’s fisherman whilst the UK’s internal market bill remained a possibility. We expect further headlines over the course of the day although there is little way of knowing which way they will send the pound – we have our fears of course – as we head into the European Council meeting and deadline tomorrow. |
