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October’s worst currency announced

October’s worst currency announcedThe pound has become the world’s worst-performing currency this month experiencing 6% drop, Bloomberg.

Sterling headed for its biggest monthly decline versus the dollar since the UK referendum to leave the EU.

The news invoked analysts to suggest that the currency volatility is the reason of so-called hard Brexit.

The pound dropped after political headlines and comments from lawmakers and central-bank officials underlined its vulnerability as concern about Britain’s exit from the world’s largest trading bloc intensified.

Viraj Patel, a foreign-exchange strategist at ING Groep NV in London said: “This month has all been about hard Brexit concerns coming to the forefront.”

“It’s typical for a currency trading under heightened political uncertainty to be vulnerable to new news, either good or bad, and this will be an ongoing factor until we get clarity” over the nation’s future relationship with the EU, he said.
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