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The Pound's Biggest Brexit Risk Is Not What You Think It Is
As markets bet on a no-deal Brexit, the real shock for pound traders could be Prime Minister Boris Johnson clinching a sudden deal. Sterling has tumbled in recent weeks as Johnson’s “do or die” stance has led traders to increase bets against the currency on the prospects of a no-deal Brexit on Oct. 31. Yet a surge of nearly 1% in a minute on Thursday, on a bare glimmer of flexibility from European leaders, gave a taste of how investors might be caught out by an agreement. A no-deal Brexit is now the base-case scenario for Barclays Plc economists who see it as “increasingly inevitable,” while there’s only ... (full story)
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