Pound Slides as May Is Pushed Toward the Exit

Thursday, 23 May 2019 15:22 WIB



The dollar was higher across the board in early trade in Europe Wednesday, as the reportedly imminent exit of British Prime Minister Theresa May over the Brexit shambles depressed the pound and made for an awkward backdrop to European parliament elections that start today.

At 03:00 AM ET (0700 GMT), the GBP/USD pair was at $1.2605, a new 2019 low, resuming its fall after Andrea Leadsom, the lawmaker tasked with organizing the government’s business in the House of Commons, resigned rather than introduce May’s revised EU Withdrawal Agreement bill. The Times of London reported that many of May's lawmakers expected May now to resign within the next day or two.

The pound was also at a four-month low of 1.1321 against the euro.

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