The pound has already recorded record weekly losses against the euro, but if the seasonal models are some sort of leader, the situation may worsen next month. The UK currency is close to its lowest level in history (at the time of the year) against the euro, and seasonality shows that the sterling has fallen against the common currency through Awust over the past four years. Not only this trend can push pounds down. Adam Cole, Royal Bank of Canada's Chief Currency Strategist, predicts that the new Prime Minister and the approaching deadline for Brexit in October could drag the dollar even further.
Source: Bloomberg Finance L.P.
Chart: Used with permission from Bloomerg Finance L.P.
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