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A no-deal Brexit would send sterling to its lowest level since 1985

Regardless of what they tell you, traders struggle to explain short-term fluctuations in the value of currencies. Recently, however, the pound has become an exception. Every time it seems more likely that Britain will leave the eu without a deal, sterling falls against the dollar. The strength of this link can be measured statistically, thanks to a helpful proxy for the odds of no-deal. On January 16th a market opened on Betfair Exchange, a betting website, on whether Britain will crash out by March 29th, the original Brexit deadline. Punters have bet £3.9m ($5.1m).

The Economist - March 29, 2019

View the full story here: https://www.economist.com/graphic-detail/2019/03/28/a-no-deal-brexit-would-send-sterling-to-its-lowest-level-since-1985