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@Avalon.red

Pound sinks after Angela Merkel call with PM

by LLB Reporter October 8, 2019

written by LLB Reporter 8^th Oct 19 1:40 pm

Following a phone call between Boris Johnson and Angela Merkel, the German chancellor has reportedly rejected the prime minister’s Brexit offer.

As a result, the pound dropped by more than 0.4% against the dollar to £1.225. Against the euro it fell by 0.68% to a €1.11 four week low.

Neil Wilson, the chief market analyst at Markets.com said, “Sterling is under the cosh again as hopes of a deal between the UK and EU fade.

“The last flicker of hope was snuffed out this morning after a call between the prime minister and chancellor Merkel of Germany left the process at an impasse.”