Blog

Pound Drops 14th Day In A Row

• Posted by currencies in Bank of England, Bremain, Brexit, Budget, Currency, Dollar, Economy, EUR, GBP, Inflation, Mark Carney, Prime Minister, Referendum, Retail Sales, Sterling, UK, Uncategorised
• May 23, 2019
• No Comments

Sterling plunged again in early London trading this morning as pressure mounted on Prime Minister Theresa May to name a date for her departure.

The British currency has been falling heavily in the past few days. May’s last-ditch attempt to get backing for a Brexit deal triggered a revolt yesterday by some of her Brexit-supporting ministers, deepening the political uncertainty in Britain.

The pound dropped 0.4% to a new 4-1/2 month low this morning. It is the worst performing major currency in May, and so far, has lost 3.3% of its value against the dollar.

The pound has weakened for 14 consecutive days against the single currency.

The dollar hit its highest level in a month as economic and political uncertainties swept through Europe and Asia, pinning down most major currencies such as the euro and the yuan.

While the United States is not without its own worries — a trade conflict with China being a major one — investors see the greenback as a relative safe haven.