David Lamb, head of dealing at FEXCO Corporate Payments, comments:
“The Pound is paying the price for Theresa May’s failed gamble – and after a 2% fall overnight it remains deeply vulnerable.
The Prime Minister had hoped to begin Britain’s Brexit negotiations this month with a thumping mandate and a spring in her step.
Instead she will do so walking on eggshells and looking nervously over her shoulder for cabinet members wielding knives.
In short, everything the markets didn’t want from Britain’s Brexit negotiators.
While it’s possible that the ultimate Brexit deal could be a touch softer than that promised by Mrs May, for now this remains too theoretical to have much bearing on the markets.
The blunt truth is that Brexit uncertainty is back with a vengeance – and the Pound is once again in the firing line.
Nearly a year after the Brexit referendum result plunged sterling into its prolonged purgatory of volatility, there is no end in sight.”
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