November 6, 2018 / 10:45 AM / in 9 months

Sterling falls after N.Ireland lawmaker says looks like UK heading for no deal Brexit

LONDON, Nov 6 (Reuters) - Sterling turned negative on the day and fell to the day’s low after a senior member of the Northern Irish DUP party said on Tuesday it looked like Britain would leave the European Union without a divorce deal.

“Looks like we’re heading for no deal,” the Democratic Unionist Party’s Jeffrey Donaldson said on Twitter.

Prime Minister Theresa May runs a minority government which relies on the support of Northern Ireland’s Democratic Unionist Party to get legislation through parliament.

The DUP has vowed to scupper any Brexit deal that treats Northern Ireland differently to the rest of the UK.

The pound erased earlier gains after the comments and fell around 0.2 percent to the day’s low at $1.3023. The currency was up as much as 0.3 percent earlier in the session.

Against the euro, sterling also weakened to 87.5 pence, trading down 0.1 percent on the day.

Britain’s FTSE 100 came off its lows as sterling fell, and was last down 0.2 percent. The index dominated by multinational exporters tends to move inversely to the pound. (Reporting by Saikat Chatterjee; Editing by Tom Finn)

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