Early Thursday morning in Asia, Bloomberg marked the damage to the British economy due to the fears of a no-deal Brexit. The news mentions, while relying on the Earnest and Yong (EY) report, that financial firms have already shifted around 7,500 employees and assets worth $1.6 trillion to the European Union (EU). The piece also cites fears of further withdrawal of man and capital from the UK towards the bloc.
Key notes
The report suggests that around 2,850 positions have been added, mainly in Dublin, Luxembourg and Frankfurt, after the UK decided to leave the EU. JP Morgan and Goldman Sachs are among the big names that joined the league.
Though, London keeps the biggest share of the American banks’ investments across Europe, per the news.
Omar Ali, U.K. financial services managing partner at EY, said, “As we fast approach the end of the transition period, we are seeing some firms act on the final phases of their Brexit planning, including relocation.”
Market implications
Although GBP/USD cheers US dollar weakness to probe an eight-day top, currently up 0.11% intraday around 1.2935, Brexit fears can always dampen the Cable buyers’ sentiment.
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