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As we struggle towards “deal” or “no deal”, today we consider the outlook for the once great currency that is the pound sterling. With no deal looking likely last week, and now this week being told a deal is possible, you can assume that all outcomes are priced in. The forex markets will have observed the negotiators’ every utterance, every nuance, every syllable of their body language.
In other words, we shouldn’t get any surprises of the undesirable variety that so spooked markets as, for example, when the UK surprisingly voted “Leave” in 2016; when fat-fingered foreign traders fumbled a flash crash (it’s alliteration Wednesday) that same year; or when Covid-19 struck in 2020. So what might the coming days, weeks and months hold for the pound?
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