Pound Traders Sell on May as Prime Minister Lays Out Brexit Goal
- May signals U.K. to quit single market to curb immigration
- Sterling also fell following May’s conference speech last year
U.K.'s May Hints at Single Market Exit in Brexit
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Currency investors, who cheered Prime Minister Theresa May’s arrival in Downing Street, are increasingly seeing her as a trigger to sell.
The pound has tumbled following two of May’s major set piece events since the start of her premiership: her speech at the Conservative Party conference and Sunday’s traditional new-year television interview. In both, the Prime Minister boosted speculation the U.K. is more likely to pursue an exit from the European Union that prioritizes immigration controls over single-market membership, spooking pound investors hoping for a less radical solution.