COZfx: Pound at 3month low, braces for May's Brexit speech
COZforex: The British pound flirted with a three-month low on Tuesday, hit by fears that Prime Minister Theresa May's speech later in the day will set Britain on course to lose access to the lucrative European Union single market.
Concerns over US President-elect Donald Trump's protectionist policies are also undermining risk sentiment, helping to push up the yen back to its highest levels in more than five weeks.
The pound was on the defensive at $1.2038, having slumped to a three-month low of $1.1983 on Monday, which was its weakest point in more than three decades barring the several minutes in early Asian trade on Oct 7 when it tanked to as low as $1.1491.
May will say Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc.
Those priorities will include leaving the EU's single market and regaining full control of Britain's borders, several newspapers have reported since the weekend.
(COZ forex UK)
COZforex: The British pound flirted with a three-month low on Tuesday, hit by fears that Prime Minister Theresa May's speech later in the day will set Britain on course to lose access to the lucrative European Union single market.
Concerns over US President-elect Donald Trump's protectionist policies are also undermining risk sentiment, helping to push up the yen back to its highest levels in more than five weeks.
The pound was on the defensive at $1.2038, having slumped to a three-month low of $1.1983 on Monday, which was its weakest point in more than three decades barring the several minutes in early Asian trade on Oct 7 when it tanked to as low as $1.1491.
May will say Britain will not seek a Brexit deal that leaves it "half in, half out" of the European Union, according to her office, in a speech setting out her 12 priorities for upcoming divorce talks with the bloc.
Those priorities will include leaving the EU's single market and regaining full control of Britain's borders, several newspapers have reported since the weekend.
(COZ forex UK)
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