The Great Britain pound sank on Monday against all other most-traded currencies, including the euro that was extremely weak itself, amid the negative Brexit headlines, which made the currency unappealing to investors.
There were reports that the Northern Irish Democratic Unionist Party is going to support the amendment that will make illegal the backstop plan for Norther Ireland proposed by the European Union. The EU offered to keep Northern Ireland in the block’s customs union for a time as a way to avoid a hard border between Northern Ireland and the Republic of Ireland. British Prime Minister Theresa May reject the proposal due to concerns that it can create a trade barrier between the region and the rest of the United Kingdom.
Talking about May, there were rumors that Tories are planning a no-confidence vote. The talks started circulating after the Prime Minister mentioned the idea of prolonging the transition period before Britain leaves the EU.
GBP/USD dropped from 1.3074 to 1.2968 as of 20:17 GMT today. GBP/JPY tumbled from 147.19 to 146.30. EUR/GBP climbed from 0.8805 to 0.8842, touching the high of 0.8857 intraday.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
