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Expand chart
Data: Investing.com; Chart: Axios Visuals

The British pound dropped to its lowest rate in 4 months against the dollar last week, and fell against the euro for 10 straight days, its longest losing streak since the euro was created.

Between the lines: Most analysts say the pound is reacting to the chances of a no-deal Brexit, but its movements suggest it's falling based on decreasing expectations of Brexit not happening at all (which would be positive for the currency).

  • The pound rose to a 1-month high against the dollar in early May after the governing Conservative Party, which is pushing Brexit, lost about 1,300 seats in local elections, the worst it's fared in more than 20 years.
  • The pound has been falling since, as Nigel Farage's Brexit Party is expected to perform well in Thursday's European Parliament elections.
  • On Friday, it fell to a 4-month low after Prime Minister Theresa May committed to announcing a departure timeline in June and the opposition Labour Party pulled out of Brexit talks.

Sterling has fallen against almost all of the world's major currencies, despite little in the way of hard data or commentary from Bank of England policymakers.

  • Last week's sell-off stands in stark contrast to the week leading up to April 15 when Britain was on the verge of leaving the EU with no trade agreement and the pound barely moved.

Go deeper: Everything you need to know about Brexit

Go deeper

WHO warns against travel bans on southern African countries

Matshidiso Moeti, World Health Organization regional director for Africa. Photo: Sylvain Gaboury/Patrick McMullan via Getty Images

The World Health Organization called on countries Sunday to not impose travel bans on southern African nations amid concerns over the new COVID-19 Omicron variant.

Why it matters: The U.S. and countries in Europe and the Asia-Pacific announced travel restrictions in response to Omicron, which was first detected in South Africa. It's since spread to several European countries, Canada, Israel, Australia and Hong Kong. The WHO noted in a statement that only two southern African nations have detected the new variant.

Updated 4 hours ago - Health

First North American Omicron cases identified in Canada

COVID-19 testing personnel at Toronto Pearson International Airport in September. Photo: Steve Russell/Toronto Star via Getty Images

The first two cases of the new Omicron variant have been detected in North America, the Canadian government announced Sunday evening.

Driving the news: The World Health Organization has named Omicron a "variant of concern," but cautioned earlier on Sunday that it is not yet clear whether it's more transmissible than other strains of COVID-19.

8 hours ago - Health

WHO: Not yet known whether Omicron leads to more severe disease

Photo illustration: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The World Health Organization on Sunday said that it is not yet clear whether the newly discovered Omicron variant is more transmissible than other strains of the COVID-19 virus.

Why it matters: The agency's statement comes as the variant, discovered in South Africa, has already been detected in European and Asian countries.