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Pound engulfed by 'perfect storm', plunges to 27-month low vs dollar
Sterling plunged to a 27-month low against the dollar on Tuesday and hit new six-month lows versus the euro, extending losses as the two candidates to be Britain’s next prime minister vied to outgun each other on taking a harder Brexit stance. Their positions appear to be leading markets to price a sharply higher risk of Britain leaving the European Union on October 31 without any transition trading agreements in place. That would potentially force the Bank of England to cut interest rates to stave off economic catastrophe. Sterling which already fell half a percent on Monday is now headed for its biggest one-day ... (full story)