The pound collapsed yesterday following Brexit developments which revived fears that the UK may end up leaving the EU in a chaotic and disorderly manner. With regards to the US-China trade saga, a report noted that the US Trade Representative said that the next round of tariffs on Chinese goods was on hold. Although this was denied by his spokesperson later in the day, US equity indices closed in the green.
GBP Tumbles as May’s Plan and Job Face Opposition
The pound tumbled against all the other G10 currencies after tensions in the UK political landscape escalated, leaving investors highly concerned that the country could end up exiting the EU without any accord. The main gainers were CAD, NZD and NOK, in that order.
After failing to enjoy lasting gains in the aftermath of PM May’s announcement that she secured the backing of her cabinet with regards to the draft Brexit deal, the British currency turned south again and actually plummeted around...
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