Pound Nears Three-Decade Low as May Sets Date for Brexit Trigger
- ‘Hard Brexit is a sell for the pound,’ says Mizuho’s Jones
- Contagion from sterling’s drop is limited in other markets
How Much Further Could the Brexit-Bruised Pound Fall?
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The pound approached a three-decade low set in the days following the Brexit referendum after U.K. Prime Minister Theresa May said she’ll begin the process of withdrawal from the European Union in the first quarter of 2017.
Sterling dropped to the weakest level since July 6, the day it reached its 31-year low of $1.2798, and slipped against all but one of its 31 major peers. Hedge-fund data showed speculators raised bets that the currency would fall. May told delegates at her Conservative Party’s annual conference that she’ll curb immigration, stoking speculation the nation is headed toward a so-called hard Brexit -- with limited access to the EU’s single market.