Sterling slumps to new low as fears grow of no Brexit deal

13 August, 2018, 09:01 | Author: Regina Silva
  • Will Britain actually extricate itself from the EU

There was no obvious trigger for Wednesday's big moves lower, but rather a building sense of investor anxiety as the clock ticks down towards a series of EU-Britain meetings starting in September with no agreement in sight.

The pound is also down 0.58% against the euro and down 0.86% against the Japanese yen.

Sterling and United Kingdom government bonds will fall further in the run-up to Brexit, even after the pound slumped this week to its lowest in nearly a year, prominent Brexit-supporting British hedge fund manager Crispin Odey said on Thursday.

Prime Minister Theresa May has said Britain will leave the EU's customs union, allowing the country to forge its own trade deals around the world. Three-month sterling volatility rose to its highest since March.

Markets will be watching the October Council of Ministers to determine whether to continue selling off the pound.

It had a similar slump against the euro, down to a nine-month low of €1.11.

Sterling is trading down 0.7 percent in the middle of 1.2800s against the US Dollar after the news of the United Kingdom government readying the meeting for mid-September to prepare plans for a no-deal Brexit scenario.

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Analysts said the pound was also being hit by a growing realisation that, after last week's Bank of England's policy meeting, United Kingdom interest rate increases were likely to be as limited as one a year and contingent on a smooth Brexit.

The BoE raised interest rates from crisis-era lows last week but the pound didn't benefit.

The UK government has so far made little progress in agreeing on a post-Brexit trading deal with the EU.

The move is aimed at ensuring HSBC can continue to serve its European customers ahead of Britain's exit from the EU in March 2019, after which British-based firms are expected to lose so-called passporting rights that allow them to sell financial services in the bloc.

"We remain bearish on the pound in the short term until the Brexit mess is out the way", said Nomura strategist Jordan Rochester, predicting a range of $1.27-$1.28 before September. The pound has lost more than 10 per cent since April and is down nearly 15 per cent since the Brexit vote in June 2016.

Barclays said Friday's GDP data showed that the British economy's second-quarter rebound only offset the first-quarter weakness.

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