Sterling plunges against the euro for the second day in a row: Here’s why
[contf] [contfnew] [hhm]CityAM[hhmc] [contfnewc] [contfnewc] The pound has tumbled 0.84 per cent aga..
The pound has tumbled 0.84 per cent against the euro today, dropping to €1.1147.
Today's decline follows on from yesterday's wobble over Theresa May's precarious political position, which saw sterling fall significantly against both the euro and the dollar. The pound is down 0.05 per cent against the greenback today.
Analysts pointed to inflation figures as a major factor in pushing the pound down today. Inflation stayed at a five-year high of three per cent in October, the ONS revealed this morning, and it reached that high largely due to weakness in the pound.
The movement against the euro is also "in part because the Eurozone-wide ZEW economic sentiment came in higher than expected at 30.9", said Spreadex financial analyst Connor Campbell.
Meanwhile, concerns around May's stability have not disappeared, and will have played their part in dragging sterling down for the second day running.
The pound has fallen against the euro today (Source: Bloomberg)