Sterling fell Monday following dismal manufacturing data and speculation that Prime Minister Boris Johnson could be planning a general election.
"Cabinet is being called for this afternoon," BBC Political Editor Laura Kuenssberg said on Twitter. "Real possibility now Johnson might put a motion down to ask MPs to vote for an election this week."
Sky's political editor also said there were rumors that Downing Street was looking to force a vote on an early election. The Guardian newspaper's political correspondent said there were "very strong rumors" that a U.K election could be called this week and The Sun's political editor said that Johnson "is preparing to go to the country.
. The IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index fell to 47.4 from 48.0 in July, far below market expectations. Jane Foley, head of FX strategy at Rabobank, noted that the pound had also been falling on news that Conservative MPs could be thrown out of the party if they voted against the government on the bill to prevent a no-deal Brexit.
"Growing rumors that a snap election could be called has added to the political uncertainty and the pressure on the pound," she told CNBC via email.
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