XE Market Analysis: Europe – Aug 12, 2019

The Pound hit fresh major-trend lows in thin Asia markets (both Japan and Singapore centres have been closed for public holidays), which put Cable at a 31-month low at 1.2015, GBP-JPY at a 33-month low and EUR-GBP at a 10-year high, at 0.9324. The fresh lows follow Friday’s unexpected quarterly contraction in Q2 GDP data (of -0.2%) and with markets increasingly convinced that Boris Johnson and his newly formed Brexiteer cabinet are not bluffing when they say they the UK will leave the EU without a deal on October 31, if necessary.