, Columnist
Why Isn’t the British Pound Weaker? Ask Trump
Sterling’s recent decline has been limited. That might not last.
A race to the bottom.
Photographer: Jason Alden/Bloomberg
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The British pound has been on a losing streak in recent days as the likelihood increases the U.K. will leave the European Union without a trade agreement. Given the potential disastrous economic consequences of such a fractious departure, the question arises as to why traders haven’t punished sterling even harder.
The answer probably lies in the fault lines that bedevil the pound’s peers. But its resilience may not last.