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Shaun Osborne Chief FX Strategist at Scotiabank explained that sterling finds itself at the bottom of the overnight performance league, reflecting renewed difficulties on the home political front.
"Former Tory party leader Duncan-Smith resigned his ministerial portfolio over the weekend in an apparent dispute with the government over UK benefits plans.
He is expected to campaign for Brexit, however, and his departure raises tensions within the ruling Conservative party another notch.
The industry lobby group CBI said Brexit would cost the UK economy GBP100bn (or about a 5 percentage point drop in total GDP – our own worst case scenario)."
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