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Market Update

Sterling’s recent slide are not over yet and could continue as chances Britain and the European Union part ways without a withdrawal deal have jumped again.

Johnson, who was the face of the leave campaign ahead of the 2016 referendum and who took office on July 24, has repeatedly said he will take Britain out of the EU on Oct. 31 with or without a deal. Sterling fell to a low against the dollar not seen since early 2017 at the start of August.

Before that divorce date arrives, the pound could further and trade between $1.17 and $1.20, a poll of foreign exchange strategists predicted, below the $1.21 it was at yesterday.

With no opportunity for parliamentary moves against no-deal until early September, there is a distinct possibility that sterling could fall further in the interim.

The likelihood of a no-deal Brexit, concerns will continue, and the pound will likely stay depressed.

UK house prices dropped by more than expected in July with consumers becoming increasingly cautious as Brexit looms.

Analysts said the increasing likelihood of Britain leaving the EU without a deal this autumn was holding consumers back from buying or selling a home. Retailers have also warned of households reining in their spending on bigger-ticket items against a backdrop of mounting Brexit risks to the economy.

The latest snapshot from Halifax, published yesterday, also suggested that house prices fell in July. Britain’s biggest mortgage lender said the average cost of a home dipped by 0.2% in July after a drop of 0.4% in June.

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