The Pound Sterling, fell below US$1.20 and to its weakest in three-years, rose 0.5% to the day's high of US$1.2157. FMTNews
Prime Minister Boris Johnson announced that he will push for a snap election amidst the Brexit deal.
The gain, which followed the pound slumping to a three-year low on Tuesday, is likely to precede more big price swings in the currency as the battle over Brexit enters another crucial phase. Sterling, which on Tuesday fell below US$1.20 and to its weakest in three-years, rose 0.5% to the day’s high of US$1.2157.Two-month implied volatility in sterling, which captures the Brexit Oct 31 deadline, eased off the three-year high it reached on Tuesday as investors’ nerves calmed a bit, but it remains elevated.
An election would increase uncertainty and open up a new set of scenarios, one of which could see opposition leader Jeremy Corbyn as prime minister, which analysts have said could hurt the pound.
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