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Sterling hits 2-yr low on mounting no-deal Brexit jitters

Sterling hits 2-yr low on mounting no-deal Brexit jitters

Mubasher: Sterling pound dropped to a new two-year trough against the US dollar after new UK Prime Minister Boris Johnson stated that the government was “turbo-charging” preparations for leaving the European Union (EU) without a transition agreement on 31 October.

The pound hit as low as $1.2318 on Monday, having dropped by 0.4% against the greenback, while it traded 0.4% lower against the euro.

Premier Johnson announced a Brexit cabinet committee tasked with handling the UK’s plans for a no-deal departure from the EU.

In addition, Michael Gove, the minister assigned for preparing the Brexit process, on Sunday said that the government is currently “working on the assumption” of an exit without an agreement.

The so-called hard Brexit is set to bring about upheavals for firms and consumers, culminating in damage to the UK economy.

By 11:08 am GMT, the GBP/USD pair fell by 0.6% to $1.2305, while the EUR/GBP pair climbed by 0.5% to GBP 0.9036.