Sterling falls after EU pounds May’s Chequers deal
Sterling took a further beating this morning after Theresa May's botched attempts to woo European officials ended in disaster.
Following an abrupt rejection of the Prime Minister’s Chequers agreement at Salzburg yesterday, the pound fell 0.6 per cent lower against the dollar and the euro, hitting $1.318 and €1.12 respectively.
Read more: May's Brexit plan 'will not work' says EU in devastating blow to PM
Last week Britain’s currency picked up following comments from the EU’s chief negotiator, Michel Barnier, that seemed to offer a breakthrough on Brexit, with Sterling breaking the $1.30 mark for the first time in three weeks.
However, the EU’s dismissal of May’s flagship Chequers plan yesterday pushed the pound back down.
Later today Dow Jones is set for another record-breaking session, with the futures having the index adding 60 odd points after the bell – a move that would see it open above 26700 for the first time ever.
Spreadex analyst Connor Campbell said: “The rather abrupt rejection of the infamous Chequers deal by the EU, alongside a brewing Tory rebellion in the UK, has sterling once again mulling over a potential no-deal Brexit, with the added seasoning of a potential Conservative leadership challenge at some point down the road.”