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Pound sinks to lowest level since 2017 as Brexit no-deal risk rises

The Pound has hit a 27-month low against the US Dollar (GBP/USD) today, while also softening against other majors as Brexit dents the British currency once again. The two Prime Minister front-runners, Boris Johnson and Jeremy Hunt, have both opposed the Irish backstop, meaning the chance of a no-deal Brexit is on the rise again. With the UK’s Brexit extension deadline fast approaching and a new UK leader to be announced next week, concerns are growing that Britain could crash out of the EU without a deal in place—an event that could cause further Pound depreciation.
 
There’s more change ahead too as the UK braces itself for not just a new Prime Minister, Cabinet, and Brexit direction, but also a new Bank of England (BoE) Governor.
 
Today’s interbank rates:
 
GBP/USD – 1.2431
GBP/EUR – 1.1077
GBP/CAD – 1.6220
GBP/AUD – 1.7677
GBP/NZD – 1.8487
GBP/ZAR – 17.2344

(Rates correct as of 12:51 pm BST)

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