November 15, 2018 / 9:11 AM / 25 days ago

Sterling plunges after UK Brexit Minister Raab resigns

LONDON, Nov 15 (Reuters) - Sterling plunged one percent against the euro and dollar and British govenrment bond yields dropped sharply on Thursday on news that Britain’s Brexit minister Dominic Raab had resigned.

In a sign of just how hard the vote in the British parliament might be, the latest resignation shows the size of the task UK Prime Minister Theresa May faces in getting parliament to approve her draft European Union divorce deal.

Sterling extended losses to fall 1 percent on the day at $1.2849. Against the euro, the British pound weakened more than one percent to 88.06 pence.

British bond yields fell across the board while the latest Brexit headlines boosted demand for safe-haven assets, with Germany’s benchmark 10-year Bund yield falling 3 basis points to 0.364 percent — its lowest level in more than two weeks. (Reporting by London Markets Team Editing by Tommy Wilkes)

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