SKY : From hitting a post-referendum peak of $1.4376 on 17 April, the pound has hit the skids on the foreign exchange markets, plunging earlier today to $1.2840 – a level not seen since 25 August last year – before recovering slightly.
Against the euro, sterling has fared little better, sinking earlier today to €1.1071 – a level not seen since 12 October last year – before rallying modestly.
The explanation being offered by market participants is that this is because, after assuming for a year or so that the UK and the EU would reach some kind of trading agreement post-Brexit, the market is now beginning to think seriously about the possibility of a “no deal” Brexit.
Sky Ian King explains why the Pound is in this situation.
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