THE POUND hit a new 11-month low against the euro, as it briefly dropped below 90.98 pence to €1. The exchange rate has failed to pick up as Brexit confidence continues to drop.
The UK exchange rate opened the week at €1.108 after a difficult week.
Laura Parsons, currency analyst at TorFX explained the struggle of the pound today.
She told Express.co.uk: “With the latest Brexit headlines doing little to inspire confidence, the pound’s week went from bad to worse, with GBP/EUR sliding below €1.100.”
Theresa May is currently in Africa on a bid to boost trade deals with Africa as the UK is under threat of a no-deal Brexit.
The Prime Minister announced an additional £4 billion of support to Africa before heading to the country to aid investment talks.
She has since confirmed a trade deal of British exports with six of the South African nations – Botswana, Lesotho, Namibia, South Africa and Swaziland, with Mozambique – which is similar to one the UK has with the EU.
May confirmed: “That’s why I’m delighted that we will today confirm plans to carry over the European Union’s Economic Partnership Agreement with the Southern African Customs Union (SACU) and Mozambique once the EU’s deal no longer applies to the UK.”
She denied claims she was late to make deals with Africa leaders who had already done so with the US and France.
Pound to euro exchange rate: Sterling hits lows of €1.100 according to Bloomberg
The prime minister is to travel to Nigeria later today to speak to President Buhari as part of the three-day tour.
May previously said a no-deal Brexit would not be the “end of the world”.
It follows claims from Chancellor Philip Hammond warning the country could be £80 billion worse off after the UK leaves the EU.
The claim also proceeded the speculation of Boris Johnson challenging May for leadership.
Ms Parsons explained the pound could fail to pick up again today and could even hit further lows.
THERE IS NO ‘BREXIT PLAN’
Pound to euro exchange rate: Theresa May is currently in Africa “working on UK trade deals”
They are gonna need them