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Sterling fell to 1.09 euros and to 1.21 USD as traders responded to statements by new UK Prime Minister, Boris Johnson and Cabinet Office minister, Michael Gove, with sterling now trading at a two year low.
The falls followed a statement by Mr Gove who suggested that the UK government was now working on the assumption that a no-deal Brexit was the most likely outcome following the October 31st deadline. However, Prime Minister Johnson stated that he was prepared to 'go the extra thousand miles' to agree a new EU divorce deal, but this was not enough to calm the markets and prevent the pound falling.
Sterling now buys 1.17 euros and 1.32 US dollars, as it continued to strengthen from its low point in December 2018. The ebbs and flows of Brexit uncertainty continue to account for Sterling's volatility, despite the gains made since the end of last year.
Sterling now buys 1.134 euros and 1.323 US dollars, as it continued to weaken from its recent peak in the middle of April this year, when it stood at 1.159 and 1.431 respectively. This respresents a 2.2% drop against the euro and a 7.5% drop against the US dollar. Brexit uncertainty and the prospect of a 'no-deal' exit are widely seen as contributing to the slide.
Sterling rose against both the US dollar and euro as reports emerged that the UK and EU were close to agreeing their 'divorce settlement'. Soon after news broke sterling rose to 1.1319 against the euro, and 1.3412 aganst the US dollar.
The recent gains against the euro and US dollar during September 2017 were reversed in early October as sterling fell to €1.127, and $1.324 respectively.
Sterling continued its slide against the euro - down to €1.08, its lowest rate for eight years - amid concerns over the lack of progress in the Brexit talks. Improved performance across the eurozone has also helped push the pound down towards parity with the euro.
Sterling continues to improve against the US dollar, rising to $1.31, while edging lower against the euro. Sterling now stands at €1.12 - boosted a little by the positive second quarter growth figures relased on July 26th. This means that, since the UK's election result, sterling has fallen by 1.5% against the euro, while rising by 3% against the dollar.
Sterling ended the day (June 9, 2017) on $1.274, and €1.138 against the US dollar and euro respectively. Sterling had fallen by around 2% as news of a likely hung parliament filtered through. As the result became clear the pound slipped to $1.267 against the US dollar, and to €1.133 against the euro.
Sterling had previously risen to €1.1522 against the euro and to $1.2972 against the US dollar on the eve of the UK's general election, as markets anticipated a Conservative majority. This followed a period of sterling weakness towards the end of May, as opinion polls showed a considerable narrowing of the gap between the two main parties, raising the prospect of a 'hung' parliament. Sterling has now made-up some of its recent lost ground since it rose above $1.30 mark in early May. At that point, sterling's gains were put down to a weakening dollar.
Sterling rose to €1.193 against the euro, and to $1.277 against the US dollar on news that the UK government is to call a snap election, to be held on June 8th. Gains for sterling continued throughout the day, settling at $1.285 by midday (April 19th, 2017).
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