As news of Boris Johnson's election win hit the markets, the pound surged by its highest amount for more than a decade.
But it wasn't that traders were particularly in favour of the new Prime Minister and his policies, more that they felt having a big majority meant Britain was less likely to crash out of Europe without a deal in place.
Sadly, as details have emerged of Johnson's plan to "get Brexit done", that prospect has become a possibility again.
The sticking point is the Prime Minister's plans to put into law that the UK will leave on December 31st next year - which most people think is nowhere near enough time to negotiate a proper trade deal.
Michael Brown, senior analyst at foreign exchange firm Caxton, said: “Concerns about a no-deal Brexit at the end of the transition period are exerting pressure on the pound today.
"PM Johnson plans to legislate in the Withdrawal Agreement Bill to outlaw any extension to this after 31 Dec 2020, which means the UK and EU have 11 months to strike a free trade deal, or we trade on WTO terms from 1 Jan 2021.
"As such, markets are now more fearful of a no-deal exit at end of next year - the pound is down around 0.8% this morning and pared all of its post-election gains.”
Jasper Lawler, head of research at London Capital Group, said: "Prime Minister Boris Johnson had already said during the campaign that he would not extend the transition period.
"There was a line of thinking that his huge majority in parliament would allow Boris to get away with reneging on his promise not to extend.
"That idea now needs to be scrapped.
"We are now waiting for the other shoe to drop – that Boris will not pursue a softer Brexit just because he has a large majority and some new MPs from constituencies with manufacturing jobs."
