Sterling plunged to 28-month lows on Monday and headed for its biggest daily fal...
LONDON - Sterling plunged to 28-month lows on Monday and headed for its biggest daily fall against the dollar since November as investors scrambled to factor in the risk of a no-deal Brexit and the possibility of a snap election.
While most investors have until now bet on a last-minute agreement to avert a hard Brexit, that expectation is receding under new Prime Minister Boris Johnson. Sterling losses accelerated after it breached a key psychological level of $1.23 and Johnson repeated that while he wanted to secure a new trade deal with the EU, the UK would exit the bloc on Oct. 31 with or without an agreement.By 1600 GMT it was down 1.3% at $1.2229 after hitting $1.2213 earlier, its lowest since March 2017. Against the euro, the pound touched 91.16 pence, its weakest since September 2017.
Adding to the pound’s travails is the possibility of an early parliamentary election. The Conservative Party has risen in opinion polls since Johnson became leader, according to YouGov, which showed support for the party at 31%, well above the opposition Labour Party.
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