Pound sinks against dollar and euro after Theresa May’s loses Brexit deal

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THE pound has dropped by up to 0.4 per cent against the euro and dollar after squabbling MPs have voted to block Theresa May’s deal for a third time.

Sterling now sits at 1.6 against the euro, down from 1.69 yesterday.

The pound has dropped against the euro this afternoon

It’s also weakened against the dollar following the decision in the Commons, falling to 1.29 down from 1.31.

The latest round of indicative votes is taking the UK one step closer to leaving the European bloc with out a deal.

Michael Brown, senior analyst at investing firm Caxton FX said: “Political headwinds facing the pound have now increased, with Parliament now needing to find a consensus on a new way forward, likely through a second round of indicative votes on Monday increasing the prospects of a long extension.”

The drop wasn’t as dramatic as the Prime Minister’s previous Brexit defeats in the Commons.

Traders say this is down to investors scaling back their trading of the pound because it has become so difficult to predict amid the uncertainty.

More to follow…

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