The pounds have found some stability – but Boris Johnson’s blame game may send it lower. The PM – hardly one week in office – has said that he was not aiming for a no-deal Brexit but added that it is “very much up to our friends and partners across the Channel.” Johnson – that previously refused to meet his European peers unless they agree to reopen the deal – stressed that parliament has “thrown out the backstop three times” and that it must be removed out of the Withdrawal Agreement.
GBP/USD has stabilized in the mid-1.2100s but is unable to recapture over 200 pips that it shed early in the week. Markets are currently pricing in a growing chance of a no-deal Brexit. The EU refuses to budge. The latest to comment was Irish PM Leo Varadkar that repeated that the EU is united in its view that the backstop cannot be scrapped.
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