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Pound suffers due to parliament uncertainty

Sterling dropped off this morning after media reports on the weekend that Theresa May is struggling with her party at a time when Brexit talks are at a critical point.

The pressure on the pound came as it was said the 40 members of parliament have no confidence in the prime minister and this could lead to a leadership challenge. That is only 8 less than you need to be able to start a leadership contest which could potentially force Theresa May out of office.

Topping off a weekend of bad news for the pound was David Davis (UK Brexit Secretary) saying that Britain would not have to give a figure for a financial settlement with the European Union, which highlights the lack of progress in the divorce negotiations.

The US Dollar was up against most currencies as the investors remain focused on the planned tax reforms and also last week’s spike in US Bond yields supported the currency.

No key UK data today, the markets will be volatile today with all the uncertainty. For info on the markets or live quotes please contact us.

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