Uncertainty sees currency fluctuate as IMF warns a no-deal Brexit would send the British economy into severe shock
The British pound gyrated on Tuesday as rumours and uncertainty about the Brexit endgame played havoc with investors’ nerves.
Sterling bobbed briefly above 1.31/$ in late-morning foreign exchange deals, but then fell back against the dollar. “However, the gains were fleeting and they were promptly handed back when it was confirmed the reports were untrue and we can expect more of this sort of thing in the coming days,” Cheetham predicted.
The pound is set for “another wild week” amid uncertainty about the outcome of the talks, said FXTM analyst Lukman Otunuga. “When dealing with Brexit, one should always expect the unexpected and this will remain the mantra until more clarity is provided,” he said.
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