Sterling will lose recent gains against the dollar and weaken further if Britain does not ask for an extension to its Brexit transition period by a June 30 deadline to allow more time for talks on a trade deal with the EU, a Reuters poll found.
FILE PHOTO: A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. REUTERS/Sukree Sukplang/File Photohas strengthened this week, trading at a one-month high of around $1.26 on Wednesday, as Britain indicated that it might be willing to compromise on some sticking points to reach a final Brexit deal.
Prime Minister Boris Johnson has until the end of June to ask for an extension and has repeatedly ruled this out. All but two of 23 respondents to an additional question in the poll said sterling would weaken in early July if there is no extension. Still, Reuters polls of economists have repeatedly said the two sides would eventually thrash out a free trade deal and the pound was expected to have strengthened around 1.6% to $1.28 in a year.
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