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Sterling slumps further as Boris Johnson becomes UK’s next prime minister

Sterling slumps further as Boris Johnson becomes UK’s next prime minister

Sterling saw a record slump earlier this week. It happened after Boris Johnson had been elected the country's next Prime Minister.  A passionate Brexiteer, Johnson increased downward pressure on pound with his decision to speed up the process of withdrawal from the EU. The pound fell to $1.20, the lowest level since March 2017, losing 0.4 percent for a trading session. And judging by the serious attitude of the new prime minister, it is not the end. Johnson insists on the  October deadline of Brexit. It unlikely will add  optimism to the pound. A drastic change of the rate is hardly possible, but it is better to be prepared for a further slump in advance. During his first speech as the British Prime Minister, Johnson announced that the kingdom would leave the EU in late October in any case. A few days after that, it turned out that British Parliament was  going to leave the EU without a deal. And speaking about exceptional circumstances, the pound has the only chance to compensate current loses and revive. Maybe aggressive behaviour of the new cabinet is only a part of negotiations between  London and Brussels. There is a point of view that the EU is going to change its attitude and come to terms with the UK when they see commitment on the British behalf. The issue will be settled and the pound will receive the much-needed support.

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