The pound has dropped more than 2 percent this week, its worst performance since a ‘flash crash’ a year
ago, as a chaotic speech from British Prime Minister Theresa May raised speculation about a challenge to her position. The slide in both weeks coincided with her annual Conservative Party conferences, dominated by concerns about the nation’s exit from the European Union. The longer a weak government vacillates over Brexit policy, the greater the risk of a hard U.K. exit, while any replacement for May who is not liked in Brussels would likely send the currency sharply lower, said Canadian Imperial
Bank of Commerce strategist Jeremy Stretch.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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