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Data: Investing.com; Chart: Axios Visuals

As the Brexit saga has twisted and turned this year, traders look to have taken their bets on how it will unfold to a new forum: the Euro/British pound currency pair.

The latest: As Prime Minister Boris Johnson has been foiled in his stated attempts to take the U.K. out of the eurozone by any means necessary, traders have pushed the pound to its strongest level in five months against the euro.

Why it matters: Both the pound and euro would be weaker if Britain left the EU with no deal, but the pound would be expected to see more selling, which helped drag the currency to its weakest since 1985 against the dollar last month.

  • The consistent buying of the pound and selling of the euro — a nearly 10% move in the pair — as uncertainty has grown about whether Johnson's plan will succeed indicates "investors have priced-out no-deal Brexit," strategists at Bank of America Merrill Lynch wrote in a recent note to clients.

Go deeper: British pound remains strong despite Brexit drama

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27 mins ago - Sports

Pac-12 football players threaten coronavirus opt-out

Illustration: Eniola Odetunde/Axios

A group of Pac-12 football players have threatened to opt out of the season unless the conference addresses systemic inequities and concerns related to the coronavirus pandemic.

Why it matters: College football players have never had more leverage than they do right now, as the sport tries to stage a season amid the pandemic. And their willingness to use it shows we've entered a new age in college sports.

Betting on inflation is paying off big for investors

Illustration: Aïda Amer/Axios

The specter of rising inflation is helping power assets like gold, silver and Treasury Inflation-Protected Securities (TIPS) to strong returns with record demand this year.

The big picture: Investors continue to pack in even as inflation metrics like the consumer price index (CPI) and personal consumption expenditure (PCE) index have remained anchored.

Scoop: Top CEOs urge Congress to help small businesses

Illustration: Eniola Odetunde/Axios

With a new coronavirus relief measure stalled in Congress, CEOs of some of the world's biggest companies have banded together to send a message to Washington: Get money to small businesses now!

Why it matters: "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," warns the letter, organized by Howard Schultz and signed by more than 100 CEOs.