Sterling is current hovering around the €1.13-mark versus the euro as Sterling scrabbles to claw back gains seen last week in the face of Brexit defeat for Prime Minister Theresa May As of just after 09:00AM, the pound is trading at €1.1345 against the euro and $1.2886 versus the US dollar. Nick Twidale, Sydney-based analyst at Rakuten Securities Australia, warned how Brexit will keep the pound on its toes as political uncertainty continues to grip global markets. He said: “Brexit remains a major concern for UK markets and progress appears to be limited.
“With deadlines fast approaching and what seems to be a real impasse between the various sides involved, the prospect of a hard ‘no deal’ Brexit appears to becoming more likely.”
Liam Peach, analyst at Capital Economics, shared a similar sentiment as he claimed Sterling will see short-term gains.
He said: “Any upside for Sterling in the near term may be limited.
“Uncertainty would continue during the extended negotiations and there is no guarantee that it would last for only a short period of time.”
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In latest Brexit movement, Mrs May faces further fresh Commons clashes over launching a second Brexit referendum and blocking a no-deal European Union withdrawal.
It is understood Work and Pensions Secretary Amber Rudd is calling for a free vote on moves aimed at preventing a no-deal, amid fears that dozens of ministers could otherwise resign.
Meanwhile, the Daily Telegraph reported that Tory HQ has been effectively put on a snap general election “war footing” due to the Brexit situation in Parliament.
Despite Mrs May’s claim that a second referendum could “damage social cohesion”, Labour leader Jeremy Corbyn said the option should be considered.
He said: “Our amendment will allow MPs to vote on options to end this Brexit deadlock and prevent the chaos of a no deal.
“It is time for Labour’s alternative plan to take centre stage, while keeping all options on the table, including the option of a public vote.”
Mrs May tabled a Brexit plan B on Monday, and identified “three key changes” to the original plans.
She said in a statement to the House of Commons: “First, we will be more flexible, open and inclusive in the future in how we engage Parliament in our approach to negotiating our future partnership with the European Union.
“Second, we will embed the strongest possible protections on workers’ rights and the environment.
“And third, we will work to identify how we can ensure that our commitment to no hard border in Northern Ireland and Ireland can be delivered in a way that commands the support of this House, and the European Union.
“In doing so, we will honour the mandate of the British people and leave the European Union in a way which benefits every part of our United Kingdom and every citizen of our country.”