LONDON • The pound fell to a three-week low as newspaper reports speculated that UK Prime Minister Theresa May could face a leadership rebellion from within her own party following a disastrous speech on Wednesday.

Pound declined versus all of its Group-of-10 peers amid fresh selling interest by leveraged accounts and doubts about May’s premiership following her annual Conservative Party conference speech.

May’s policy announcements were overshadowed by mishaps including coughing fits, and up to 30 Tory law- makers are now prepared to sign a letter calling for her resignation, according to The Telegraph.

“If the pound really has been sold today for fears of a rebellion, that may be short-lived,” said Nomura International strategist Jordan Rochester yesterday.

“Tory rebels will likely remember the long game, which is to place all the blame from Brexit negotiation woes on May and move on when 2019 presents itself.”

The pound fell 0.4% to US$1.3193 as of 10am in London yesterday, after earlier touching US$1.3175. It weakened 0.5% to 89.19 pence (RM5.01) per euro. — Bloomberg