Despite a stronger spell on Friday, the pound is the weakest performer against most major currencies today as it feels the pressure of the latest Brexit developments. Prime Minister Theresa May is set to meet the Cabinet today to update them on her Brexit strategy, amid talks that some of them are calling for her to resign.
It is still unclear as to whether a third meaningful vote will take place this week. However, this afternoon MPs are expected to back a plan to carve out parliamentary time for a series of so-called ‘indicative’ votes on alternatives to Mrs May’s deal, prompting concern in No 10. It is thought that as many as six new alternatives could be put to votes.
If May fails to get her deal through this week, Parliament could then take control of the Brexit process. This could potentially mean a softer Brexit, which may have a positive effect on the pound.
EU Council President, Donald Tusk has said that “Until that date (April 12), all options will remain open and the cliff-edge date will be delayed. The UK government will still have a choice between a deal, no deal, a long extension or revoking Article 50.”
