Brexit chaos hits sterling
The pound slumped to an
18-month low against the dollar yesterday as Brexit uncertainty grew.
After news broke that Theresa May had delayed today’s planned parliamentary vote on her Brexit deal, the pound fell to around $1.26, its lowest level since June 2017.
Sterling also slipped to three-month low against the euro, trading at below €1.11.
The currency has been fluctuating because of the continuing turmoil about Brexit negotiations, currency experts said.
“Sterling remains at the mercy of highly sensitive news flow around Brexit,” said Neil Wilson, chief market analyst at Markets.com.
Jane Foley of Rabobank said the threat of a hard Brexit along with political uncertainty was “an extraordinary and toxic mix” for the pound. “Once we know what is happening, things will be more settled,” she added.