Pound Drops After Brexit Saga Brings BOE Rate-Cut Bets Forward

From bnnbloomberg.ca

British Prime Minister Boris Johnson’s hard-line negotiating tactics with the European Union are once again unsettling U.K. markets. The pound slumped for a fifth day, the longest losing streak since May, and weakened as much as 1.1% to $1.3022. Money market traders are stepping up bets on negative interest rates and the FTSE 100 Index dipped 0.4%. Johnson has threatened to walk away from Brexit talks without a new trade deal, despite warnings that a hard split would cripple economic growth. Investors were also spooked by comments from the Bank of England’s chief economist in support of ending the wage-support ... (full story)