July 16, 2019 / 11:04 AM / a month ago

Sterling extends slide below $1.25 as no-deal Brexit jitters jump

Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

LONDON (Reuters) - Sterling GBP=D3 skidded to levels last traded in April 2017 on Tuesday, as investors worried the next British prime minister would take the country on a course towards a no-deal Brexit.

Eurosceptic politician Boris Johnson and his rival Jeremy Hunt, who are vying to be Britain’s new prime minister, both sought to burnish their Brexiteer credentials in a political debate late on Monday, reviving fears of a no-deal Brexit among traders.

Sterling dropped 0.9% to $1.2409 GBP=D3, its weakest since April 2017. The pound also weakened to new a six-month low versus the euro EURGBP=D3 of 90.42 pence, down 0.5% on the day.

Reporting by Olga Cotaga; Editing by Tommy Wilkes

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