Skip to content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
British Pound Swoons on Hard Brexit Fears

British Pound Swoons on Hard Brexit Fears

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound gaps down over 1.5% vs. majors on “hard Brexit” fears
  • UK PM May to opt out of EU single market, seek trade deals elsewhere
  • Treasury will seek to reassure investors, talk to banks after May speech

Where is the British Pound heading in the first quarter of 2017? See our forecast here !

The British Pound gapped down over 1.5 percent against its major counterparts at the open of the trading week amid worries that UK Prime Minister Theresa May will outline plans for a “hard Brexit” – meaning a loss of UK access to the EU single market – in a speech on Tuesday.

The Sunday Times newspaper reported that May will come out in favor of the controversial step in an effort to rein in immigration and pursue trade deals with other countries. The UK Treasury said it will seek to reassure investors and intends to talk to banks after the Prime Minister’s speech, according to comments relayed by Bloomberg.

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES