Global Perspectives: Political Uncertainties Influence British Pound

Foreign Exchange - Global Perspectives
Yael and David
Political Uncertainties Influence British Pound
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Markets have been extremely volatile during the past two months. Fears of a U.S. and global economic slowdown have risen as concerns surrounding trade and rising interest rates have caused global equities, interest rates and commodity prices to move sharply lower.
While the U.S. dollar index (DXY) has remained relatively steady during this time, many currencies have weakened. One of the weakest of the major currencies during this time has been the British pound, hitting yearly lows. This past week has been another turbulent and dramatic week centered on the Brexit vote in Parliament.
Earlier this week, Prime Minister Theresa May decided to delay a parliamentary vote on the United Kingdom's withdrawal agreement with the European Union. PM May made this decision to delay the vote despite criticism from Parliament, including from those in her own party. The vote on the withdrawal agreement has been pushed back to later in the month. In addition, the European Court of Justice ruled that the UK could cancel Brexit unilaterally.
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