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Pound hits 31-year low against dollar FTSE rises above 7,000 as pound falls again
(35 minutes later)
Sterling has fallen to $1.27.80 in early trading on Tuesday - its lowest level against the US dollar since 1985. The FTSE 100 share index has risen above 7,000 for the first time since May 2015 as sterling fell to a 31-year low against the dollar.
The move follows a turbulent day on the currency markets on Monday when traders looked to comments from the Conservative Party conference for more detail on what Brexit would look like. The pound dipped to $1.2766 in early trading on Tuesday - its lowest level against the US dollar since 1985.
The pound held ground against the euro to be flat at €1.1464. Sterling has fallen sharply for the past two days as traders look to the Conservative Party conference for Brexit details.
On Sunday, prime minister Theresa May said she would trigger Article 50 by the end of March 2017. The pound was down 0.3% at €1.1431, while the FTSE 100 was up 1% at 7,031.
On Sunday, Prime Minister Theresa May said she would trigger Article 50 by the end of March 2017.
The continuing lack of detail over what leaving the European Union will mean in practice is unsettling currency dealers.
'Spooked'
The FTSE 100 is higher because the many international companies whose shares are traded in the UK tend to benefit from a lower pound.
Kathleen Brooks, research director at Forex.com and City Index, said: "The Tory Party conference is turning into a sell for the pound, as foreign exchange traders get spooked by May's apparent sanguine attitude to leaving the single market, preferring to focus on immigration and UK sovereignty rather than the economic fallout of Brexit."
She said comments by the Chancellor, Philip Hammond, in which he warned that the UK economy was heading for a "rollercoaster" ride over the coming years, had not helped.