Pound falls 0.5% against the dollar to an almost three-week low

The pound falls 0.5% against the dollar to an almost three-week low in the immediate aftermath of Theresa May’s third Brexit defeat amid market ‘no-deal’ fears

  • Pound was buoyed in recent weeks at hopes abrupt No Deal Brexit was receding
  • But it fell to $1.2977 this afternoon as MPs rejected Mrs May’s deal for third time
  • Defeat in the House of Commons came on day Britain was supposed to leave EU
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The British pound fell 0.5 per cent today against the dollar and euro in the immediate aftermath of Theresa May’s latest Brexit deal defeat.

The drop to an almost three-week low comes after the currency had been buoyed in recent weeks by hopes that the likelihood of an abrupt No Deal Brexit was receding.

But it fell to as low as $1.2977 this afternoon as MPs in Westminster rejected Mrs May’s Brexit deal for a third time today, sounding its probable death knell.

The British pound fell against the dollar to an almost three-week low after the Brexit defeat

This graph shows the five-day performance of the pound against the dollar

The defeat by 58 votes in the House of Commons left Britain’s withdrawal from the European Union in turmoil on the very day it was supposed to leave.

Michael Brown, senior analyst at Caxton FX, told MailOnline: ‘Sterling has fallen this afternoon – down 0.4% against both the Euro and the US Dollar – after Parliament voted once again to reject the Prime Minister’s Withdrawal Agreement. 

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‘Political headwinds facing the pound have now increased, with Parliament now needing to find a consensus on a new way forward, likely through a second round of indicative votes on Monday increasing the prospects of a long extension.’

Brexit is on course for a lengthy delay after MPs voted by 344 to 286 against the deal as hundreds of protesters staged a noisy demonstration outside.

Prime Minister Theresa May said in the House of Commons today that the implications of the vote were ‘grave’ adding: ‘I fear we are reaching the limits of the process in this House’

The result of the crunch vote means that the UK has missed an EU deadline to secure an extension of the Brexit process and leave with a deal on May 22.

Mrs May now has until April 12 to go back to Brussels with new proposals and seek a longer extension to the negotiation, or see the UK leave without a deal that day.

With a clear majority in the Commons against No Deal, and with MPs once more seizing control of the timetable on Monday, Mrs May said that the UK would have to find ‘an alternative way forward’.

This was ‘almost certain’ to involve the UK having to stage elections to the European Parliament in May, she said. Mrs May said the outcome was ‘of profound regret’.

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