UK Markets

UK Markets Chart Book

23 August, 2018

Risk of “no deal” weighs on the pound

The pound has fallen by almost 10% against the US dollar over the past four months, leaving it at $1.29. Much of this reflects broad-based dollar strength – the pound has slipped by much less against the euro. But the growing possibility of the Brexit negotiations ending in “no deal” is weighing on the currency, and is reflected in an increase in short positioning in sterling and greater demand for put options as insurance against a further fall. Given the apparent lack of progress in the negotiations

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