PressTV-Pound falls on Brexit ‘labyrinth’

The pound dropped on Thursday, weighed down by ongoing chaos in Brexit proceedings, while global stocks were mixed.

London’s stock market rose, however, buoyed by the weaker currency.

Eurozone markets, having enjoyed modest gains earlier in the session, slipped towards the close, while Wall Street pushed higher as Treasury bond yields stabilized.

British Prime Minister Theresa May will renew attempts to push through her Brexit plan on Friday, after she dramatically offered to quit to save her deal and MPs failed in their own bid to break the deadlock.

“The pound has remained under pressure today,” said XTB analyst David Cheetham.

“The decline has been fairly steady and not too dramatic in its nature, but the move could well gather momentum in the next few days if the current political impasse shows no sign of abating with no-deal prospects seemingly being resurrected,” Cheetham said.

Sterling’s fall against the dollar exceeded one percent,…

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