Westpac: sterling weakness continues as Brexit deal unlikely

Australian bank maintains long-held bearish outlook on pound

brexit axe
Sterling chop: Westpac sees very little hope of any Brexit deal by October 31
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The pound will probably remain weak for the foreseeable future because the prospect of a divorce deal between the UK and the European Union is unlikely, says Sean Callow, a senior currency strategist at Westpac.

“For some time, we’ve thought there was probably just a bit too much hope in the market that sanity would prevail and that a way of avoiding a hard Brexit [could be found],” says Callow.

The likelihood of

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