The pound tumbled yesterday after Attorney General Geoffrey Cox said that the legal risks to the UK with regards to the Irish backstop remain unchanged, even after the legally binding assurances May secured on Monday. Hours later, the UK Parliament rejected the updated deal, opening the door to today’s vote on whether they should leave the EU without a deal on March 29th. If this option is rejected, then another vote on extending Article 50 will be held on Thursday.
MPs Reject May’s Updated Accord, Focus Turns on the No-deal Vote
The pound took a 180-degree spin yesterday and tumbled against all the other G10 currencies. The currencies that gained the most against sterling were CHF, CAD and EUR, while the one that managed to capitalize the least was AUD.
From the top to the bottom. From Monday’s big winner to Tuesday’s main loser, the pound remains anchored to headlines and developments surrounding the Brexit landscape. Yesterday, it was...
Read the full financial markets daily report on JFD Research.