The pound has fallen against the euro this morning, December 27.
The GBP currency now converts to €1.1264, according to figures at 7:15am this morning.
This means it has reached a month long low against the euro currency.
Yesterday, it converted at €1.278 – a drop from highs this month of €1.144.
It follows a drop in Boxing Day retail figures yesterday, one of the busiest shopping days of the year.
Research group Springboard announced a 5.2 per cent drop in shopper numbers on Boxing Day compared to this time last year.
Late last week, UK consumer confidence fell to -13 for December, the lowest figure in four years.
It followed PM Theresa May’s defeat in Parliament, by 309 to 305, as MPs voted for parliament to get a vote on the Brexit statute which allowed them to debate the terms.
Dominic Grieve, the former Tory Attorney General who led the parliamentary vote against Theresa May, told MPs: “kicking hornets’ nests is not a very good idea”.
The Prime Minister also announced this time last week Brexit may be delayed until after March 2019.
A lack of Brexit progress has lately been linked to a drop in the pound’s value, while Brexit progress will have the opposite effect.
Last Friday, the pound traded against the euro currency at €1.1267.
Laura Parsons, currency analyst at TorFX, spoke of the effect of Brexit negotiations on the pound’s value.
She said: “Although Bank of England (BoE) Governor Mark Carney refrained from discussing monetary policy in yesterday’s [Thursday] speech to parliament, he did talk about a Brexit deal for the financial services sector.”
“Such a deal would be pound positive if it was actually on the table, but as the odds are stacked against it Sterling failed to benefit from the remarks.
“With an overnight report showing a decline in UK consumer sentiment, GBP/EUR has been left trading in the region of €1.125.”
