Amid growing concerns over Britain’s withdrawal from the EU, coupled with a strengthening dollar, the $GBPUSD is trading at its lowest level in over three decades.
The sterling kicked off Monday with a swing to the downside as British Prime Minister, Theresa May, announced Britain will officially begin the departure process by the end of Q1 2017. As of mid-Tuesday morning, the Pound was trading at $1.2728, its lowest level since 1985.
Economists attribute this recent slide to the British Government’s stance on a “hard” vs “soft” Brexit which has left many investors wary of a possible mass exodus of financial institutions from London. However, May remains confident that the UK economy can weather the pending Brexit storm.
As the greenback continues to build momentum, economists will keep a watchful eye on September’s Employment Report set to be released on Friday, October 7th.
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