Pound Rises Against Dollar – 1 July, 2019

Despite looming worries of a no deal Brexit, the pound managed to dig itself out of a five month low against the dollar and euro. Sterlings June gains were up 3%, gaining 0.4% in the last session to $1.2712, moving to safer territories helped by the dollar index which dipped 0.15%. The British currency recovered from a five month low against the euro after it gained 0.24T% to 89.52 pence. Broad euro strength along with other factors caused the pound to give up 4% of its value against the euro in the last four months. With Prime Minister Theresa May set to step down soon, frontrunner for her replacement Boris Johnson has stated his confidence in reaching a go0al before the scheduled divorce date on October 31, with a vow to follow through and leave should a deal not be struck.