Intra-Day Market Moving News and Views
21 Mar 2016 02:01GMT
GBP/USD - ..... Cable fell at New Zealand open on Monday and weakened to intra-day low of 1.4430 on renewed 'Brexit' concern. British PM David Cameron was forced into a hasty cabinet reshuffle on Saturday as the dramatic resignation of a senior minister threatened to widen divisions over Europe within the ruling Conservative party.
The rancorous departure of Work and Pensions Secretary Iain Duncan Smith, a leading campaigner for Britain to quit the European Union, also deals a blow to the political ambitions of finance minister George Osborne, commentators said.
Cameron and Osborne are both urging Britons to vote to remain in the EU in a June 23 referendum but many Conservative lawmakers and activists favour a "Brexit". The issue has riven the party for decades.
Duncan Smith in his resignation letter on Friday, cited cuts to disability benefits outlined in Osborne's annual budget last week, which also included tax cuts for richer households. He complained about pressure from the Treasury to cut welfare payments in order to meet fiscal conditions set out by Osborne.
Reuters reported a British vote to leave the European Union could cost the economy 100 billion pounds ($145 billion) and 950,000 jobs by 2020, according to research commissioned by employers' group the Confederation of British Industry (CBI).
The CBI said "Brexit" would deliver a serious shock to the British economy, regardless of any trade deals the country could negotiate with its former European partners.
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