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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

Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: Trump, Melania received COVID vaccine at White House in January — CDC director warns "now is not the time" to lift COVID restrictions.
  2. Vaccine: J&J CEO "absolutely" confident in vaccine distribution goals Most states aren't prioritizing prisons for COVID vaccines — Vaccine hesitancy is shrinking.
  3. Economy: Apple says all U.S. stores open for the first time since start of pandemic — What's really going on with the labor market.
  4. Sports: Poll weighs impact of athlete vaccination.
  5. World: Italy tightens restrictions as experts warn of growing prevalence of variants — PA announces new COVID restrictions as cases surge.
  6. Local: Colorado sets timeline for return to normalcy.
Updated 55 mins ago - Politics & Policy

Trump received COVID vaccine at White House in January

Photo: Noam Galai/Getty Images

Former President Trump and former first lady Melania Trump were both vaccinated at the White House in January, a Trump adviser tells Axios.

Why it matters: Trump declared at CPAC on Sunday that "everybody" should get the coronavirus vaccine — the first time he's encouraged his supporters, who have been more skeptical of getting vaccinated, to do so.

Biden administration seeks to allow separated migrant families to reunite in U.S.

Secretary of the Department of Homeland Security Alejandro Mayorkas announced Monday that the Biden administration will explore "lawful pathways" to allow migrant families separated under the Trump administration to reunite in the U.S.

Why it matters: Biden has pledged to reunite the hundreds of families still separated as a result of the Trump administration's "zero tolerance" policy, and signed an executive order last month creating a family separation task force chaired by Mayorkas.