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Pound extends losses vs dollar after Europe election

guardian.co.uk – Sterling fell against the dollar to near a two-week low on Monday after a collapse of support for the UK’s ruling Labour Party in the European election raised the chances of further challenges to Prime Minister Gordon Brown.

Despite its losses against the dollar, the pound rose against the euro, as the single European currency came under broad selling pressure after Standard & Poor’s cut its sovereign rating on Ireland for the second time in three months.

Analysts said Labour’s drubbing in weekend European elections added to the uncertainty surrounding the political future of Britain’s embattled prime minister, who reshuffled his Cabinet on Friday after six of the party’s ministers quit.

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