Pound Fate Seen Going From Bad to Worse as Brexit Saga Plays Out
- EU elections this week in focus for sterling investors
- Pound ‘could soon be back at $1.20,’ says SocGen’s Broux
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The pound’s fate may be set to worsen after its longest run of losses versus the euro since the shared currency’s inception.
Sterling investors have to contend with European parliamentary elections next week that are expected to be won by the no-deal Brexit-backing party run by Nigel Farage. That would increase the chances that whoever replaces Theresa May as Prime Minister in a leadership contest might push for a sudden exit from the European Union, according to Societe Generale SA.