Boris Johnson Loses Majority In UK Parliament

Boris Johnson Loses Majority In UK Parliament.

The British pound hit multi-year lows against the dollar on Tuesday amid fears of a no-deal Brexit but rebounded after Prime Minister Boris Johnson lost his working parliamentary majority ahead of a crucial Brexit vote.

Sterling struck $1.1959 in early European business, its worst trading level since 1985 with the exception of a 2016 “flash crash” which took it even lower for a very short moment. While the pound’s weakness makes imports into Britain more expensive, for example oil which is traded in dollars, it cheapens exports.

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