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In a recently published report, Fitch Ratings argued that a no-deal Brexit disruption was still a risk for British corporates.

“In a longer-term, extended period of trading on WTO terms would act as a drag on British companies’ performance due to tariff impact, non-tariff barriers,” Fitch said, per Reuters. “Current end-October exit date also creates fresh challenges for the United Kingdom (UK) corporates.”

“The impact of a no-deal  Brexit will be highly dependent on the preparedness of the private sector and on the response of the EU authorities,” Fitch summarized.

The GBP/USD pair largely ignored Fitch Ratings’ publication and was last seen trading at 1.2354.