Election race pushes pound sterling to bottom

Posted 18 June, 2019

The British currency has remained almost at the early-2019 bottom since the market is concerned about the upcoming PM elections. The fears are caused by the fact that Boris Johnson is the current frontrunner, and if he becomes the PM, there is a chance of the hard-Brexit.

In the current environment, in particular, the development of the Brexit issue, the pound sterling touched a multi-year bottom at $1.2532, while now it stands at $1.2537 against the US dollar.

Speaking about other main currencies, the Japanese yen and euro are generally stable. The rates are 108.37 and $1.1239 in the pair with the US dollar. The currencies wait for the results of the central banks' meetings in the USA and Japan along with the ECB conference to be held this week.

The Australian dollar has been close to the lowest level this year affected by the persisting tensions between Washington and Beijing. For reference, Australia is among the key partners of China.

The Australian dollar changes hands against its American counterpart at $0.6842.

At the same time, the US dollar was depressed by the reports of the business climate index, which posted an all-time drop in June to more than 2-year bottom

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18 June, 2019 11:19

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