Sterling was on the back foot on Tuesday as investors worried Boris Johnson, the...
TOKYO - Sterling was on the back foot on Tuesday as investors worried Boris Johnson, the frontrunner to become the UK’s next prime minister, would trigger a “hard Brexit” from the European Union, widely seen as a major risk for the British economy.
In Asia, regional currencies were mostly beholden to moves in major global units though investors are watching for any developments in China-U.S. trade negotiations. “Johnson is expected to become the new prime minister, so there is a real chance of a hard Brexit,” said Takuya Kanda, general manager of research at Gaitame.Com Research Institute.
Britain’s Conservative Party will announce the results of a leadership election on Tuesday, with Johnson widely expected to win, setting him up to become prime minister on Wednesday.
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