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British Pound Falls As U.K.'s Ambassador To The EU Unexpectedly Resigned

British Pound Falls As U.K.'s Ambassador To The EU Unexpectedly Resigned

Ivan Rogers, the United Kingdom's ambassador to the European Union, unexpectedly resigned from his post, which could derail the already fragile Brexit process.

Rogers was expected to serve as ambassador until his term was up in October. He was also considered to play a crucial role in negotiating a smooth exit from the EU. A replacement is expected to be announced before the country officially begins the Brexit process by involving Article 50 in March.

Rogers did not offer any explanation as to why he resigned. According to the U.K.-based Telegraph, the resignation is sparking concerns that the country will be dealt with a worse Brexit deal than had he remained in his post.

Charles Grant, director of a think tank called the Centre for European Reform, told the Telegraph that Rogers is "one of the very few people at the top of the British government who understands [the] EU."

The British pound was trading lower by around 0.50 percent Tuesday morning at $1.2216, which is approximately 4 cents above its post-Brexit lows of $1.1841.

Reason For Optimism?

Any derailment in the Brexit process is of concern to investors, but some are viewing Rogers' departure as an opportunity.

Leave.EU's chairman Arron Banks told Bloomberg in a statement that Rogers was merely part of the "Establishment's pro-EU Old Guard" and by stepping down he leaves the door open for "someone who is optimistic about the future that lies ahead for Brexit."


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