The Great Britain pound dropped today after a UK official signaled about a possibility of the “hard” Brexit.
As the date of the final separation of the United Kingdom from the European Union draws closer, chances that the UK and the EU will reach a trade deal before the deadline of March 2019 diminish. Pessimism increased after Trade Secretary Liam Fox said that there is 60% chance of the “no-deal” outcome, blaming “intransigence” of EU officials for that. As a result, the market started to price in a hard Brexit.
GBP/USD dropped from 1.2997 to 1.2922 as of 12:23 GMT today, trading near the lowest level since September 5. GBP/JPY fell from 144.53 to 144.09.
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