Sterling sinks on report Brexit cabinet meeting cancelled

Sterling fell fell almost one percent on Monday against the dollar, as the greenback strengthened broadly and doubts grew over UK Prime Minister Theresa May’s ability to get the backing of the EU and her own party for any Brexit deal.

May has called off a special cabinet meeting on Brexit due to take place today, the Independent website reported, amid growing signs she would not get parliamentary backing for her proposed compromise with the EU.

There are also reports that more ministers were set to quit, following the resignation last week of transport minister Jo Johnson.

The pound fell to a ten-day low of $1.2855, down one percent on the day versus a stronger dollar. Against the euro it fell 0.3 percent to a one-week low of 87.73 pence.

 

/reuters.com

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