Home » Currency Note » Currency Note » Currency Note GBP » GBP: Sterling at one week low

The pound weakened yesterday due to continued Brexit uncertainty, losing almost a cent against the US dollar and down almost half a euro cent.

This initially came after Shadow Chancellor John McDonnell said that few Labour MP’s would vote for the Prime Minister’s withdrawal agreement, a vote which is likely to take place next week.

Sterling also suffered as the government reported that the much anticipated meeting between Attorney General Geoffrey Cox and Brexit Secretary Stephen Barclay was unlikely to have any breakthrough as of yet, with the possibility of talks extending into the weekend.

The marginally better-than-expected PMI data for UK services failed to help the pound strengthen, however some relief was provided by Governor of the Bank of England, Mark Carney. During his hearing with the House of Lords Economic Affairs Committee, he suggested that the City has underestimated future interest rate hikes, sending the pound back up a little.

Last night, the Scottish Parliament and the Welsh assembly passed a joint motion, calling for the planned exit date from the European Union to be extended. They also reiterated their opposition to a no-deal scenario, stating that it would be ‘completely unacceptable’. It will be interesting to see how the Prime Minister reacts to this, and if it will have any effect on the Brexit process.

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