Dollar Hits Two-Month High as Brexit Fears Hit Sterling

Monday, 29 July 2019 15:44 WIB

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The dollar was touching its highest level in two months in early trading in Europe Monday, rising sharply against a British pound that came under renewed attack on rising fears of a “hard” Brexit.

The pound fell to its lowest in nearly three years against the dollar after Michael Gove, a senior figure in the new government, wrote that there is now a “very real” possibility of the U.K. crashing out of the EU on Oct. 31 without transitional arrangements in place to cushion the blow to the economy.

By contrast, Prime Minister Boris Johnson had said repeatedly during his recent leadership campaign that there was only a “one in a million” chance of the U.K. leaving the EU without a transitional deal, despite saying that the deal drawn up by Theresa May was “dead” and despite the lack of time available to negotiate a new one before the deadline.

By 3:50 AM ET (0750 GMT), the pound was at $1.2339, just above an intraday low of $1.2335, its lowest since October 2016. The euro also pushed above 90 pence for the first time in three weeks to stand at 0.9012 GBP.

The dollar index, which tracks the greenback against a basket of currencies, was at 97.828, just five ticks below its intraday high, and consolidating gains made on Friday on the back of slightly stronger-than-expected gross domestic product data for the second quarter.

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  • The euro continued to rise on Thursday, boosted by a 750 billion euro (673.70 billion pounds) EU plan to prop up the bloc’s coronavirus-hit economies, though gains were limited as doubts about deliver...



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