Sterling has extended its losing streak this morning with the UK currency currently the worst performing G10 tender of the week. The pound has been on the slide since early May, and is currently trading at €1.1440 as of 9.14am BST. Sterling had been trading as high as €1.1761 on 3 May. Against the US dollar, the pound is trading lower at $1.2782.
Neil Young, chief market analyst at Markets.com, described the pound as being “still on the defensive” as fears grow over cross-party Brexit talks between the Conservatives and Labour breaking up.
Labour leader Jeremy Corbyn has warned “the time limit is very soon” while the BBC has reported the talks are about to come to an end without a resolution.
But Number 10 insisted on Thursday night the discussions remained alive.
Connor Campbell, analyst at Spreadex, added: “Though it avoided a serious lurch lower after the open, the persistency of Sterling’s losses has left the currency in bad shape.”
Meanwhile, the Prime Minister is to set out the timetable for her departure in early June after a crucial Commons vote on the agreement she thrashed out with the European Union.
Mrs May is expected to present to put forward her Brexit deal in the week beginning 3 June, having already seen her plan rejected three times before.
The Prime Minister will meet the chairman of the Tory backbench 1922 Committee Sir Graham Brady at the start of June to agree to the details of the leadership contest to succeed her.
The move follows a lengthy meeting on Thursday between Mrs May and the 18-strong 1922 executive during which she again came under pressure to name her exit date from Downing Street.
Sir Graham said the meeting with the Prime Minister on Thursday was a “very frank discussion”.
Yesterday saw former Foreign Secretary Boris Johnson confirmed he would run to become the next Prime Minister, should a position open up in Downing Street.
Would asked if he would become a candidate to replace Mrs May, he replied: “Of course I’m going to go for it.”
Mr Johnson added: “I don’t think that is any particular secret to anybody.”