Brexit Brief: Prospect of no-deal Brexit sends pound to nearly six-month-low

The pound has dipped to the $1.25 mark—the weakest since the beginning of the year—as traders grapple with uncertainty over the Conservative leadership contest and the possibility of both a no-deal Brexit and a U.K. general election.

An 0.5% fall to $1.2531 at 05.02 EST, compared with its value 24 hours before, took the U.K. currency USDGBP, +0.0877% to its lowest level since December 11.

Boris Johnson, former foreign secretary and vocal euroskeptic, remains the clear leader in the Conservative Party leadership contest, which is set to conclude in late July.

Johnson has said he is committed to exiting the European Union on the deadline of October 31—triggering a no-deal Brexit if he has to, which would see the U.K.

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