The pound fell to its lowest on Thursday since January 2017 amid continued no-deal Brexit fears, overnight the sterling plummeted to $1.2101 in Asia.
Investors are panicked over Boris Johnson’s “do or die” approach to leaving the EU on 31 October without a deal with Brussels.
Roger Hallam, currency chief investment officer at JP Morgan Asset Management said, “Sterling remains vulnerable to a further escalation in Brexit tensions and we anticipate the market will likely discount higher risks of a ‘no deal’ outcome in the weeks ahead.”
Kit Juckes, currencies analyst at Societe Generale said, that amid “the on-going political carnage as Boris Johnson lays out his Brexit plans and the weakness of the economy, there’s nothing to like about the pound.”
Neil Wilson, chief market analyst for Markets.com said, “Poor old sterling can’t catch a break as it’s dragged down by the Fed on the one hand and Brexit on the other.”