- Posted by currencies in Bank of England, Brexit, Currency, Dollar, Economy, EUR, GBP, Sterling, UK, Uncategorised
- August 6, 2018
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The pound sank to its lowest in nearly three weeks following a stronger dollar and comments by officials suggesting Britain could crash out of the European Union next year without securing a trade deal.
The UK trade minister Liam Fox, a prominent Brexit supporter, said over the weekend the odds of Britain leaving the EU without agreeing on a deal stood at 60-40.
Sterling fell to $1.2970, its lowest since July 19. It was the biggest loser against the greenback among major currencies in early London trading.
The dollar rose, edging toward a one-year high, as escalating trade war rhetoric between the United States and its trading partners helped the U.S. currency.
Sterling is on a downward spiral, as things stand we can only see the pound weakening further. Call us for updates and forecasts for any upcoming currency transfers you have.