The British pound fell against the euro and U.S. dollar as concerns grew that the U.K. has little ability to pass a Brexit plan that would govern its exit from the European Union.
The pound traded 0.3% lower against both the dollar and the euro at a recent $1.2661 and 0.8811 a pound, respectively. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, rose by less than 0.1% to a recent 91.28.
Investors are betting that British Prime Minister Theresa May's most recent plan to get Parliament to back her Brexit divorce package is unlikely to succeed, said Erik Nelson, a currency strategist at Wells Fargo Securities.
Ms. May is caught between hard-line Conservative Party members who want better terms than she has been able to wrangle from the EU, and European officials who are unwilling to soften their terms. Part of Ms. May's proposal Tuesday -- her fourth -- includes the potential for a second Brexit referendum and other concessions to entice opposition lawmakers to ratify the deal.
The pound traded 0.3% lower against both the dollar and the euro at a recent $1.2661 and 0.8811 a pound, respectively. The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, rose by less than 0.1% to a recent 91.28.
Investors are betting that British Prime Minister Theresa May's most recent plan to get Parliament to back her Brexit divorce package is unlikely to succeed, said Erik Nelson, a currency strategist at Wells Fargo Securities.
Ms. May is caught between hard-line Conservative Party members who want better terms than she has been able to wrangle from the EU, and European officials who are unwilling to soften their terms. Part of Ms. May's proposal Tuesday -- her fourth -- includes the potential for a second Brexit referendum and other concessions to entice opposition lawmakers to ratify the deal.
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