Pound – Biggest fall since start of November

Good Morning All,

This morning we have seen the pounds biggest fall since the start of November due to very disappointing news around Brexit talks.
Sterling fell over 0.7% against the Dollar and the Euro.

Prime Minister Theresa May failed to clinch a deal on Monday to open talks on post-Brexit free trade with the European Union after a tentative deal with Dublin to keep EU rules in Northern Ireland angered her allies in Belfast.

Sterling found some support following a report that British Prime Minister Theresa May could return to Brussels before the end of the week in the hope of reaching an agreement on the Irish border.

With the clock ticking down to the March 2019 exit date, May is under pressure to conclude stage one of the talks to start negotiations on future trade ties by the end of the year.

Adding pressure to the pound was this morning’s monthly purchasing managers’ index (PMI) for the services sector which dropped to 54.7 from an expected rise of 55.8. Not only did the data not beat expectation but it also dropped lower than the previous month.

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