Pound euro exchange rate: GBP nosedives as Raab resigns in protest at Brexit deal

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The pelt is plummeting against the euro and the majority of its other peers today as calls react to the resignation of Brexit secretary Dominic Raab.

Mr Raab’s passivity comes hot on the heels of the news that Theresa May had secured the backing of her Advisors for a draft Brexit deal with the EU.

The announcement of which helped to stabilise Superior after a chaotic day of trade on Wednesday.

Announcing his resignation on Twitter, Mr Raab stately he could not “in good conscience support the terms proposed for our deal with the EU”.

Empty LIVE: LATEST GBP STERLING MOVEMENT HERE

Mr Raab stated his antipathy was based on two key parts of the deal, one being that “the regulatory regime broached for Northern Ireland presents a very real threat to the integrity of the Like-minded Kingdom”.

The second was his inability to support “an indefinite backstop arrangement, where the EU restrains a veto over our ability to exit”.

Mr Raab’s resignation comes as the repercussion against the draft deal from MPs continues to grow and will undoubtedly further fuel speculation that the Prime Minister could false impression a vote of no-confidence after she faces Parliament later today.

Reckoning to the pressure on Sterling this morning has also been the release of the UK’s latest retail sales images as the Office for National Statistics (ONS) which reports that sales development unexpectedly contracted for the second month running in October.

Looking forwards, this volatility in the pound is only likely to intensify through to the end of this week’s term as the absence of any notable UK economic data leaves the focus squarely on Brexit.

This prove to be c finish with the possibility of further resignations resulting in considerable downside gambles to the pound.

Meanwhile, with Brexit developments likely to also sire an impact on the euro in wider trading, euro investors may turn their concentration to an upcoming speech by European Central Bank Governor Mario Draghi.

Lecture b be meaningful to at the Frankfurt European Banking Congress during Euro Finance Week, euro investors purposefulness be looking for any hints on the ECB’s policy outlook and whether the recent slowdown in Eurozone evolvement will require a rethink from the bank going forward.

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