Sterling is 0.18 percent down against the euro, trading at €1.1667 as of just after 09:00AM UK time. Versus the US dollar, the pound is down 0.14 percent and it worth $1.3191 at the same time of writing. Connor Campbell, analyst at Spreadex, said: “Sterling was admirably steady as what was meant to be Brexit week got underway. “Dipping just 0.1 percent against the dollar and the euro, the currency avoided a major wobble despite the headlines being filled with speculation over Theresa May’s premiership.”
Mrs May is braced to fight for her political life today with Brexiteer ministers expected to demand her resignation at Number 10 as MPs seek to take control of Brexit.
Brexiteer heavyweights Boris Johnson, Steve Barclay, Dominic Raab, Iain Duncan Smith, Jacob Rees-Mogg, Steve Baker and David Davis laid down the gauntlet at the Prime Minister’s country retreat yesterday during three hours of “frank” talks.
Mrs May ordered the Brexiteers to support her deal or risk a soft Brexit or not leaving the EU at all the day after more than one million people descended on London demanding a second referendum.
It comes after the Prime Minister fought off a weekend coup at Chequers.
At the start of another crunch week in Westminster, the Commons is due to vote on an amendment which would force a series of indicative votes on alternatives to the Prime Minister’s Withdrawal Agreement.
Defeat for the Government on Monday night on the plan – tabled by former ministers Sir Oliver Letwin and Dominic Grieve and Labour MP Hilary Benn – would be a further humiliation for Mrs May.
The proposal seeks to pave the way for a series of indicative votes in the Commons on Wednesday, effectively taking control of the Brexit process out of the hands of the Government.
Brexit Secretary Steve Barclay warned the risk of a general election would increase if MPs took control of parliamentary proceedings and brought about a “constitutional collision”.
Mrs May will gather her Cabinet this morning before updating the Commons on the Brexit process following last week’s European Council summit, where she agreed to delay Britain’s departure past March 29.
EU leaders said Brexit could be pushed back from March 29 to May 22 – but only on the condition that MPs vote for Mrs May’s deal.
If it is rejected in the third “meaningful vote” then the UK would have until April 12 to tell the European Council a way forward.
An extension could continue for several more months if Britain agreed to vote in May’s European Parliament elections.
The pound has also been dented today by the release of better-than-expected German confidence data.
The German IFO expectations survey rose to 95.6, while the business climate index rose to 99.6.
Both of these fared better than forecast.
March’s German IFO current assessment also rose to 103.8 despite predictions of a decline.