Pound falls to a 3 week low

12th October 2017

Finance
Pound falls to a 3 week low

The pound fell to a three-week low as newspaper reports speculated that U.K. Prime Minister Theresa May could face a leadership rebellion from within her own party following her speech on Wednesday.

Sterling declined versus all of its Group-of-10 peers amid fresh selling interest by leveraged accounts and doubts about May’s premiership following her annual Conservative party conference speech.

The pound fell 0.4 percent to $1.3193 as of 10:00 a.m. in London, after earlier touching $1.3175. It weakened 0.5 percent to 89.19 pence per euro. The yield on 10-year U.K. government bonds dropped two basis points to 1.36 percent.

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