The market is also focusing on the Conservative leadership contest. Under Theresa May’s premiership, the market had thought the chances of a no-deal were slim, but Ms Foley said that was not the expectation if Boris Johnson wins the leadership battle.
“That’s what the market is worried about,” she said.
Neil Mellor, currency strategist at Bank of New York Mellon, said that another factor at play was a strengthening in the dollar ahead of testimony by the head of the US central bank. This was helping to push the pound lower.
Jerome Powell, chair of the Federal Reserve, testifies to the US Congress on Wednesday. Mr Mellor said he could provide a more hawkish tone – meaning interest rate cuts were less likely – than previously expected.
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