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Sterling/Dollar Below 1.27

Sterling fell below $1.27 for the first time since mid-January, battered by dollar strength and expectations that Prime Minister Theresa May will fail to persuade cabinet colleagues to back an amended version of her Brexit withdrawal deal.

Brexit uncertainty has grown in recent weeks after the breakdown of talks between May and the opposition Labour party. That has set the stage for the thrice-rejected fail to fail again if, as planned, it is put to vote in parliament in early June.

Rejection of the deal yet again would likely pave the way for May to be replaced by a Eurosceptic Tory, possibly Boris Johnson.

The Times newspaper quoted a senior source as saying the government was prepared for resignations after the cabinet meeting where May would ask ministers to back concessions to Labour party to get a Brexit agreement over the line.

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