Pound to US dollar exchange rate: Sterling falls to 18-month low amid Theresa May's Brexit deal vote delay

The pound has plunged to an 18-month low against the dollar following reports that Theresa May has decided to delay the Commons vote on her Brexit deal.

Sterling fell as markets were unnerved by a morning of contradictory signals from the Government.

In the wake of the speculation, sterling fell 0.5 per cent against the US dollar to $1.2656, its lowest level since June 2017.

Against the euro, the pound was down 0.8 per cent at €1.10.

News that the crucial "meaningful vote" was being postponed broke just moments after a Downing Street spokeswoman told Westminster reporters at a regular daily briefing that it would go ahead.

Mrs May was engaged in a conference call by telephone with her Cabinet ministers as the story broke.

There was no official confirmation from 10 Downing Street that the vote was being called off.

But a senior source told the Press Association: "It's being pulled."

The pound has fallen for four consecutive weeks with traders trying to predict how the currency could react if Mrs May lost the vote on Tuesday.

A Reuters poll predicted a 2.75 per cent fall in the currency if the vote failed to pass.

Mrs May is to give an oral statement to the House of Commons on the European Union at 3.30pm today, the Speaker's office has confirmed.

The Prime Minister's statement will be followed by Leader of the Commons Andrea Leadsom announcing changes to parliamentary business for the days ahead, and Brexit Secretary Stephen Barclay will then make a statement to MPs on the Article 50 process.