Sterling falls to two-week low on reports of second Scottish referendum

Fell 0.7% to $1.238

Sterling fell to a two-week low against the dollar this morning following reports the Scottish National Party (SNP) is preparing to demand a second referendum on Scotland's independence in the near future.

According to The Times, Prime Minister Theresa May is preparing for Scotland to call another referendum on independence once she triggers Article 50, the process which will begin Britain's exit from the European Union. Asset allocators back sterling to 'easily recover' despite Brexit fears However, May has the power to block the demand as ministers have warned her she would risk the break-up of the UK on a "coin toss". Following the news, the pound fell 0.7% to $1.238 - its lowest level since 15 February - while against the euro it dropped to a one-week low of €1.1733. Meanwhile...