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Sterling weakness continues

Sterling dipped below $1.26 for the first time in more than two months today, deepening this week’s losses on signs that Prime Minister Theresa May is still struggling to find the support she needs for her government in parliament.

Hit by a retreat in the chances of a rise in interest rates after comments by Bank of England Governor Mark Carney on Tuesday, the pound fell another 0.2 percent in early London trade, to $1.2592.

It also weakened 0.3 percent to 88.40 pence per euro as officials said May would not seal a deal with Northern Irish Unionists (DUP) before the new parliament is launched by the Queen’s Speech later this morning.

Governor Carney’s Mansion House speech killed any wind that was in sterling’s sails yesterday.

The Conservative Party’s lack of progress in reaching a deal with the DUP won’t help sterling either.

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