Sterling, which was approaching a five-month high on Wednesday, is expected to lose some of those gains this year amid Brexit and coronavirus fears before recovering in 2021, a Reuters poll found.
FILE PHOTO: Pound coins are seen in this photo illustration taken in Manchester, Britain September 6, 2017. REUTERS/Phil Noble/File Photo
But fears of a second wave of infections in Britain, already the hardest-hit European country, have capped the pound’s advance and according to a new study published on Tuesday a resurgence of the pandemic could be twice as bad as the initial outbreak. The July 31-Aug. 5 poll of around 60 foreign exchange strategists said the pound would dip to $1.29 in a month and to $1.28 in three months before returning to current levels in a year’s time. It was trading around $1.31 on Wednesday.
“I lean towards a deal, but it doesn’t mean the same euphoria for sterling as it used to. The deal will be bare bones - it might be that in Q1 we are still adjusting to a new trading agreement and you do see all of the foretold Brexit border chaos.”Reuters polls since the June 2016 referendum to quit the EU have consistently said the two sides would eventually agree a free-trade deal, but talks have been troubled.
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