London

THE pound has turned from the best-performing currency at the start of the year to the worst this quarter.

Sterling may not fare much better in the next three months, with the UK in the middle of a leadership contest and a growing risk of crashing out of the European Union in October, strategists and fund managers say. Amundi Asset Management thinks the currency is "impossible to forecast" while Commerzbank AG sees it in a downtrend until November.