British pound drops sharply on reports U.K. Parliament to be prorogued
The British pound GBPUSD, -0.6998% dropped sharply as reports indicated that Parliament will be prorogued -- essentially put on leave -- for five weeks.
The BBC reported that the move will allow Boris Johnson's new administration to hold a Queen's Speech on Oct. 14. The move means that MPs are unlikely to have time to pass any laws that could stop the prime minister taking the U.K. out of the European Union without a deal on Oct. 31, the BBC reported. The pound traded at $1.2230, down from $1.2291 on Tuesday.
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