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Thread: Gold Hits All Time High vs the British Pound

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    More accurately, the Pound has been falling relative to gold (and the dollar and other currencies) over fears concerning Brexit.

    British pound collapses on no-deal Brexit concerns

    The British pound nosedived to a fresh two-year low on Monday as concerns about the country leaving the European Union without a deal intensified amid moves by Prime Minister Boris Johnson in his first few days in office.

    The pound GBPUSD, +0.7039% fell as low as $1.2212, from $1.2382 late Friday, as Johnson and his new Cabinet made clear they were stepping up preparations to leave the EU without a deal.

    The pound GBPEUR, +0.0548% also collapsed against the euro, fetching €1.0979 vs. €1.1128.

    Selling intensified as New York traders started their day.

    Johnson has declared that the withdrawal agreement negotiated between the EU and former Prime Minister Theresa May is “dead” unless the Irish border backstop is abolished. A Johnson spokeswoman was quoted as saying he wouldn’t even meet EU leaders unless they agreed to change the withdrawal agreement.
    More at link.
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