Pound knocked down on London mayor’s decision on Brexit

The British pound is the worst-performing currency so far this year against other major currencies due to Brexit fears.

Brexit is a term used to refer to the possibility of the UK leaving the European Union.

Sterling is down 0.9 per cent to $1.4282 in Asian trade on Monday, making it the worst performing major global currency for the session.

GBP/USD opened with a gap lower in Monday trading in reaction to news over the weekend that the mayor of London, Boris Johnson, announced his decision to back the campaign for the UK to leave the European Union. This comes after UK prime minister David Cameron makes a last ditch appeal to undecided party members to back his campaign for the nation to stay.

Cameron returned from an EU Summit late on Friday after clinching a deal that would give the UK special status in the EU. He managed to renegotiate the terms of Britain’s membership in the EU, with reforms on issues such as welfare.

Cameron said on Saturday that he would fight to keep Britain in the EU, setting June 23 as the date for the referendum.

The post Pound knocked down on London mayor’s decision on Brexit appeared first on FXTM Blog.

Source:: Pound knocked down on London mayor’s decision on Brexit

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