The pound has plummeted over the last 24hrs after Boris Johnson moved to ban any further Brexit extensions, raising the stakes of a no-deal exit by the end of the 2020.
At it’s highest point yesterday, the Sterling/US Dollar conversion rate sat at 1.33692 but 24hrs later (at 1.05pm today) and shortly after announcements that the government were planning to make it illegal to extend article 50, the conversion rate dropped to 1.31476.
With a sizable Tory majority in government it now seems likely Johnson will be able to legally enforce a ban on any further extensions to article 50.
Despite Johnson’s personal conviction that he could get a Canada-style trade deal by the 2020 deadline, markets have responded negatively, clearly expressing concerns over the likelihood of a trade deal being agreed within the remaining time.
SOURCE:
https://www.xe.com/currencycharts/?from=GBP&to=USD
