The British pound fell again on Friday as investors trimmed their positions after Brexiteer Boris Johnson moved closer to becoming the next prime minister, putting sterling on course for a six-week losing streak versus the euro.
Sterling has fallen in recent weeks as the contest to succeed Prime Minister Theresa May heats up.
Investors are concerned that May's successor will lead Britain towards a no-deal Brexit, and they worry about how little time whoever takes over will have to try and renegotiate May’s withdrawal agreement with Brussels. The European Union has said the deal is not up for renegotiation before Britain is scheduled to exit the bloc on Oct. 31.
The pound slipped 0.2% against the euro to 89.115 pence per euro. That puts the British currency on track to suffer its sixth consecutive week of losses against the euro, in what would be its longest losing streak of the year.
Source : Reuters