Sterling is yet to recover from its drop on Wednesday afternoon which saw it fall below the €1.16-barrier once more against the euro. As of almost 09:00AM UK time, the pound is at a near one-month low, trading at €1.1546. This marks levels not seen since February 25. Against the US dollar, Sterling is trading at $1.3159, having fallen below $1.32.
Connor Campbell, analyst at Spreadex, said: “Though sterling steadied somewhat on Thursday, the currency remained in a bad way.
“With 8 days until Britain is meant to leave the EU, chasing an extension that’ll only be granted if Theresa May’s twice-rejected withdrawal agreement is passed by parliament, the pound looked pretty poorly after the bell.
“Against the dollar it fell another 0.3 percent, forcing cable back to $1.3155 as the greenback recovered some of its poise after Wednesday’s uber-dovish statement from the Fed.
“That sterling fared better against the euro, starting the session unchanged, is only because of the size of yesterday’s losses, with it now at a near one-month low of €1.1545.”
Mrs May is heading to Brussels today to ask EU leaders to grant her a delay to Brexit after blaming MPs for failing to implement the result of the 2016 EU referendum.
Speaking outside Downing Street, the Prime Minister told frustrated voters “I am on your side” as she took aim at MPs over the delay to Brexit.
She said: “Of this, I am absolutely sure: You the public have had enough.
“You want this stage of the process to be over and done with. I agree.
“I am on your side. It is now time for MPs to decide.”
Britain is due to leave the EU in just eight days, on 29 March, 2019, but Mrs May has written to European Council president Donald Tusk to ask for a short delay to 30 June, 2019.
Ahead of the meeting, European Council president Donald Tusk said a “short” delay should be possible – but only if MPs finally back her deal before the deadline day on March 29.
In Brussels on Wednesday, Mr Tusk said the question of how long an extension the remaining EU 27 were prepared to grant “remains open”.
European Commission president Jean-Claude Juncker warned Britain would have to leave by May 23 if it did not want to hold elections to the European Parliament – which start on that date – something Mrs May said she is determined to avoid.