Eurozone shock: Yanis Varoufakis reveals bombshell pound to euro exchange rate ‘paradox’- UK News…

This month, the pound remained weak against the majority of major currencies, including the euro, due to political uncertainty surrounding Brexit and in particular the possibility of a no deal divorce. The pound-to-euro exchange rate recorded its lowest level since January when it fell to 1.1049 before recovering back above 1.11 last week. The new Conservative Party leader is set to be announced tomorrow, meaning either Boris Johnson or Jeremy Hunt will be the new British Prime Minister before the end of the week. According to Michael Brown, of Caxton FX, if the new Prime Minister’s Brexit plan moves towards no deal, this will also “likely to weaken the pound”.He told Express.co.uk: “Sterling closed largely unchanged against the euro on Friday, though slid to an 11th consecutive weekly decline, extending the longest run on record, as political uncertainties continue to exert downward pressure on the pound despite relatively resilient economic data.“Politics will remain the main focus in the week ahead, with the new Conservative Party leader set to be announced tomorrow.“Markets will be focusing on the new Prime Minister’s Brexit plan, with any moves…