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| Brexit anxiety sends pound to 18-month low | Brexit anxiety sends pound to 18-month low |
| (35 minutes later) | |
| The pound has fallen to an 18-month low against the dollar amid mounting uncertainty about the terms of the UK's exit from the EU. | The pound has fallen to an 18-month low against the dollar amid mounting uncertainty about the terms of the UK's exit from the EU. |
| After reports that Theresa May is delaying Tuesday's vote on her Brexit deal, the pound fell to $1.2656, its lowest level since June 2017. | After reports that Theresa May is delaying Tuesday's vote on her Brexit deal, the pound fell to $1.2656, its lowest level since June 2017. |
| The pound slipped to three-month lows against the euro, trading at €1.1085 | |
| The currency is seen as a barometer of the Brexit negotiations, analysts said. | The currency is seen as a barometer of the Brexit negotiations, analysts said. |
| "Sterling remains at the mercy of highly sensitive news flow around Brexit and this morning has been a case in point," said Neil Wilson, chief market analyst at Markets,com | "Sterling remains at the mercy of highly sensitive news flow around Brexit and this morning has been a case in point," said Neil Wilson, chief market analyst at Markets,com |
| "Money seems to be moving on the prospect that the Brexit vote will be pulled, opening up a new front of uncertainty for investors," he said. | "Money seems to be moving on the prospect that the Brexit vote will be pulled, opening up a new front of uncertainty for investors," he said. |
| This week had always been expected to be a volatile one for the pound because of the vote on Tuesday, which has also heightened political uncertainty. | |
| Dozens of Conservative MPs had been planning to join forces with Labour, the SNP, the Lib Dems and the DUP to vote down Mrs May's deal. | |
| David Cheetham, chief market analyst at XTB, said that while any delay to the vote will spare the Prime Minister from a defeat, the market was reacting to the uncertainty. | |
| "The negative reaction in the markets is more likely due to what it means for her position rather than the failure to win the vote - with even her staunchest supporters already highly sceptical as to whether the bill would pass - as it now seems increasingly likely that a long-touted leadership challenge will ensue," he said. | |
| Mrs May will now make a statement to MPs at 15:30 GMT, which has helped sparked expectations the vote will be delayed. | |
| Mr Wilson said there were a number of theories about what delaying the might vote might mean, ranging from new talks over the backstop or a second referendum. | |
| "The only known is that the uncertainty has increased and we are faced with more volatility for sterling and UK assets," Mr Wilson said. | |
| Nadhim Zahawi, a junior minister in the Department for Education, said the Prime Minister intended to renegotiate. |