Sterling plunged to a 27-month low against the dollar on Tuesday and hit new six...
LONDON - Sterling plunged to a 27-month low against the dollar on Tuesday and hit new six-month lows versus the euro, extending losses as the two candidates to be Britain’s next prime minister vied to outgun each other on taking a harder Brexit stance.
Sterling which already fell half a percent on Monday is now headed for its biggest one-day fall since March, after Boris Johnson and his rival to be Conservative Party leader, Jeremy Hunt, said late on Monday they would not accept the so-called Northern Irish backstop element of Theresa May’s Brexit deal.
The backstop, one of Brussels’ principal demands in Brexit negotiations, is designed to prevent the return of a hard border between EU-member Ireland and British province Northern Ireland. If implemented, the U.K. would follow many EU rules until arrangements are made to avert a hard border. Money markets are now pricing a roughly 50% chance of a BOE rate cut by end-year, having increased their bets after recent comments by governor Mark Carney were viewed as dovish BOEWATCH=.
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