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Brexit Worries Take Pound Lower

2024-07-12OANDAOANDA
The pound has fallen below $1.29 for the first time in almost a year on continuing worries Britain will leave the EU without a trade deal. Sterling also hit a nine-month low against the euro, and was down against the yen and Swiss franc. Bank of England governor Mark Carney said on Friday the chances […]

The pound has fallen below $1.29 for the first time in almost a year on continuing worries Britain will leave the EU without a trade deal.

Sterling also hit a nine-month low against the euro, and was down against the yen and Swiss franc.

Bank of England governor Mark Carney said on Friday the chances of a no-deal Brexit were “uncomfortably high”.



On Sunday, international trade secretary Liam Fox put the odds at “certainly not much more than 60-40”.

The falls come despite a rise in UK interest rates, which usually pushes up the value of sterling.

Since the beginning of the month, the pound has fallen 1.7% against the dollar and 0.8% against the euro.

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