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Sterling rose as much as 0.5% against the dollar on July 24 and gained against the euro, its first move higher after two days of losses. Traders cut some extreme short positions, with net shorts around $6bn.
The rally came as Boris Johnson took office as UK prime minister pledging to leave the EU on October 31 with or without a deal.
A short-lived currency rebound reflects position-trimming rather than a change in fundamentals, so dollar-based commodity pricing is little affected. The no-deal risk still weighs on sterling.
aljazeera.comReutersJul 24, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
