UK Ministers Resignation Caused Pound To Drop – 9 July, 2018

The resignation of two ministers from UK Prime Minister Theresa May’s cabinet caused the pound to take a dive against the dollar as Brexit plans come to a messy halt. The pound fell to a daily low of $1.319, down 1.3 percent against the dollar and its biggest daily loss in 3 1/2 weeks. It recovered some of those losses by end of day to settle at $1.326. Against a basket of six major currencies, the dollar rose by 0.5 percent to 94.206 and strengthened against the euro to $1.173.