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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

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Updated 3 hours ago - Economy & Business

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Illustration: Eniola Odetunde/Axios

The Federal Reserve and global central banks are remaking the world's economy in an effort to save it, but have created something of a monster.

Why it matters: The Fed-driven economy relies on the creation of trillions of dollars — literally out of thin air — that are used to purchase bonds and push money into a pandemic-ravaged economy that has long been dependent on free cash and is only growing more addicted.

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Why Trump may still fire Barr

Photo: Jabin Botsford/The Washington Post via Getty Images

Attorney General Barr may be fired or resign, as President Trump seethes about Barr's statement this week that no widespread voter fraud has been found.

Behind the scenes: A source familiar with the president's thinking tells Axios that Trump remains frustrated with what he sees as the lack of a vigorous investigation into his election conspiracy theories.

Mike Allen, author of AM
4 hours ago - World

Scoop: Trump's spy chief plans dire China warning

Xi Jinping reviews troops during a military parade in Beijing last year. Photo: Thomas Peter/Reuters

Director of National Intelligence John Ratcliffe on Thursday will publicly warn that China's threat to the U.S. is a defining issue of our time, a senior administration official tells Axios.

Why it matters: It's exceedingly rare for the head of the U.S. intelligence community to make public accusations about a rival power.