Sterling slid to a 28-month low on Monday as Prime Minister Boris Johnson's...
LONDON - Sterling slid to a 28-month low on Monday as Prime Minister Boris Johnson’s government said it now assumed there would be a no-deal Brexit because a “stubborn” European Union was refusing to renegotiate their divorce.
, the lowest level since March 2017. Sterling has fallen two cents since Johnson was named as British leader on Tuesday. The 27 other EU members, though, say publicly and privately that the divorce settlement - including the backstop - is not up for barter. Many EU diplomats say they believe an election in Britain is highly likely.
Hedge funds increased their net short sterling positions - bets that the pound will fall - to the highest level in nearly a year. And in a sign investors are scrambling for protection against currency swings around the time of the Oct. 31 exit, three-month implied volatility surged to a four-month high.
Johnson makes his first visit to Scotland as prime minister on Monday, as his Conservative Party’s leader there said she would refuse to support a no-deal Brexit.
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