CIBC: sterling on defence as Johnson becomes UK PM

Expect interest to sell sterling in short term as market remains on guard for possibility of no-deal Brexit

brexit stress
Gloves on: sterling on defence until markets get comfortable with Boris Johnson as PM

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Sterling is set to come under pressure over the next three months as the market keeps watch for signs that the UK could leave the European Union without an agreement, says Jeremy Stretch, head of G10 FX strategy at CIBC Capital Markets.

The risk of a no-deal Brexit heightened earlier this week, after new UK prime minister Boris Johnson said there were “no ifs, no buts” about whether the country will leave the EU

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