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Image: Dylan McLeod on Unsplash
The no deal Brexit is causing other problems. Traders may lose faith quickly and send the sterling on an unfavorable ride until things settle when January comes around and everyone realizes it's not ever really that cold in England this time of year.
Incomplete containers are leaving London in an effort to keep time slots. They've endured delays all year because of the plague and now companies are stockpiling. Customs delays will increase and tariffs between UK and EU are expected to return.
The natural reaction is to increase container rates. Shanghai to Felixtowe (Suffolk, England) is now at 3,000 USD per container. The route started 2020 at 2,200 USD.
GBPCNY opens at 8.66 today.