Sterling has extended its losing streak this morning with the UK currency currently the worst performing G10 tender of the week. The pound has been on the slide since early May, and is currently trading at €1.1415 as of 3.33pm BST. Sterling had been trading as high as €1.1761 on 3 May. Against the US dollar, the pound is trading lower at $1.2743.
Neil Young, chief market analyst at Markets.com, described the pound as being “still on the defensive” as Labour leader Jeremy Corbyn confirmed cross-party had come to an end.
Confirming the discussions were finished without a deal in place, Mr Corbyn has written to Mrs May to say the talks have “gone as far as they can”.
He went on to confirm “we have been unable to bridge important policy gaps between us”.
This is after Number 10 had insisted on Thursday night the discussions remained alive.
Connor Campbell, analyst at Spreadex, added: “Though it avoided a serious lurch lower after the open, the persistency of Sterling’s losses has left the currency in bad shape.”
Meanwhile, the Prime Minister is to set out the timetable for her departure in early June after a crucial Commons vote on the agreement she thrashed out with the European Union.
Mrs May is expected to present to put forward her Brexit deal in the week beginning 3 June, having already seen her plan rejected three times before.
The Prime Minister will meet the chairman of the Tory backbench 1922 Committee Sir Graham Brady at the start of June to agree to the details of the leadership contest to succeed her.
The move follows a lengthy meeting on Thursday between Mrs May and the 18-strong 1922 executive during which she again came under pressure to name her exit date from Downing Street.
Sir Graham said the meeting with the Prime Minister on Thursday was a “very frank discussion”.
Yesterday saw former Foreign Secretary Boris Johnson confirmed he would run to become the next Prime Minister, should a position open up in Downing Street.
Would asked if he would become a candidate to replace Mrs May, he replied: “Of course I’m going to go for it.”
Mr Johnson added: “I don’t think that is any particular secret to anybody.”