The British pound’s exchange rate considerably declined as concerns about a no-deal Brexit hammered the currency. The tumble followed the statement of Britain’s international trade minister Liam Fox that the UK could withdraw from the EU without a Brexit deal.
He put the odds of the UK leaving the European Union without the agreement at "60-40".
The pound sterling weakened against the shared currency. At the same time, the yen fell against the greenback by 0.31% to $1.2962, which is the lowest level since September last year.
According to analysts, the statements of Liam Fox brought down the British pound. The official also accused the European Commission of “intransigence”, claiming that it prioritizes rules, rather than a country’s economic welfare.
