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Sterling drops after reports of no confidence letter in UK PM

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The pound dropped 0.7 per cent in early trading in Asia on Monday after reports emerged overnight that a group of Conservative MPs had agreed to sign a letter of no confidence in British prime minister Theresa May.

Forty MPs have agreed to sign the letter amid tension over the Brexit process, The Times reported on Sunday.

The British currency was down as much as 0.7 per cent at $1.3105 against the US dollar in early trading on Monday.

Westpac senior currency strategist Sean Callow attributed the weakened pound to the report in The Times.

Scotiabank foreign exchange strategist Qi Gao also noted reports of a leaked letter from Boris Johnson and Michael Gove to Mrs May addressing the Brexit transition.

The post Sterling drops after reports of no confidence letter in UK PM appeared first on maltawinds.com.

Original article found on Malta Winds

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