From Despite repeated parliamentary votes to rule out the prospect of the U.K. leaving the European Union without a deal in place to govern its relationship with the bloc, the revived threat of a “no-deal” Brexit put renewed pressure on the British pound Thursday.
From Reuters: The pound slid to its weakest level in nearly 1-1/2 years against the dollar on Monday as British Prime Minister Theresa May postponed a parliamentary vote on her Brexit deal, rekindling doubts about U.K.’s departure from the European Union in March.
The infamous “Brexit” referendum vote occurred in June of 2016, and most everyone remembers the general panic and precipitous drop in the British Pound Sterling in the immediate days after these results.
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The CurrencyShares British Pound Sterling Trust (FXB) outperformed all other non-leveraged, non-inverse exchange traded products in the U.S. today on a dollar gain basis, producing a $2.04 (+1.72%) one-day return and outperforming the wider markets by a total of 2.07 percentage points.
The British Pound has recovered from recent lows, as evidenced by FXB (CurrencyShares British Pound Sterling Trust, Expense Ratio 0.40%, $316 million in AUM) rallying in the past couple sessions.
The British pound plunged to the lowest levels versus the U.S. dollar since 1985 today, as speculation runs rampant about what exactly caused the sudden and unexpected crash.
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