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Pound Maintains Drop as Under-Fire PM Boris Johnson Axes Gove

  • Departure of Gove follows resignations of other ministers
  • Sterling is trading around the weakest level since early 2020
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Why 5 Straight BOE Rate Hikes Haven't Helped the Pound

The British pound maintained its decline Wednesday as speculation swirled around the future of Prime Minister Boris Johnson amid a wave of departures from the government’s top ranks and ebbing party confidence in his leadership. 

The pound was down 0.2% on the day around $1.1922 in the wake of news that key minister Michael Gove had been fired by the premier. It remains above the day’s lows, however, having dropped earlier in the session to as little as $1.1876, a level last seen amid the pandemic turmoil of early 2020.