The British Pound fell sharply today following a series of resignations in the Theresa May government in protest against the Brexit agreement, and the pound weakened more than 1.5% against the US dollar, hitting a two-week low of 1.2744.
The pound also fell against the euro, which is the biggest drop this year after the resignation of the minister of Brexit and three other ministers. The future of Theresa May remained at stake as the leader of a conservative Eurosceptic group in parliament called for confidence vote on the prime minister, pointing out that the agreement was worse than expected.
On the other hand, the spokesman for the Theresa May said that she will fight any vote of confidence and intends to remain in office when Britain leaves the European Union next year.
On the other hand, the dollar stabilized near its highest level in the wake of stronger than expected retail sales data, as the dollar index, which measures the performance of the dollar against a basket of currencies, rose to a daily high of 97.37.
The Australian dollar hit a one-week high of 0.7298 after strong employment data in Australia. The economy added 32.8K jobs in October, while the September data was revised up to 7.8 thousand jobs, unemployment stabilized at its lowest level since mid-2012 at about 5%.
