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The sharp GBP decline was initially triggered by suggestions that the government is now ‘working on the assumption’ that the UK will leave the EU without a deal, with further losses driven by signals that Johnson will not meet with his European counterparts unless they are willing to reopen Brexit negotiations and drop the Irish backstop.
Reports suggest that the EU is ‘ready to call Boris Johnson's bluff’ and is preparing to hold a no-deal summit two weeks before the UK is due to leave.
Key rate movements
- GBP/USD collapses over 2%, hitting $1.21 for the first time since February 2017
- GBP/EUR brushes €1.08 with the pairing closing in on a two-year low*
Brexit – What has the UK government said?
- Michael Gove – Gove suggests ‘No deal is now a very real prospect’ and that the government ‘must operate on the assumption’ that the UK will not strike a new deal with EU leaders.
- Dominic Raab – The Foreign secretary has said the UK won’t re-open talks with the EU until it drops the Irish backstop agreement and that getting a good trade deal with the EU could be ‘much easier’ following a no-deal Brexit.
- Boris Johnson – Speaking in Scotland the PM suggested ‘there is every chance we can get a deal’ but at the same time repeated that the UK will leave the EU with or without a deal on 31 October.
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Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.