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Prime Minister’s Comments Drive Sterling Down

January 9, 2017 at 11:49 by Vladimir Vyun

The Great Britain pound fell against its most-traded peers, dropping to the lowest level since October against some rivals, during Monday’s trading as comments from Britain’s Prime Minister Theresa May fueled concerns about the “hard” Brexit.

May said in the interview over the weekend:

 

We are leaving, we are coming out, we are not going to be a member of the EU any longer.

“We will have control of our borders, control of our laws, but we still want the best possible deal for UK companies to trade with and operate within the European Union and also European companies to trade with and operate within the UK.

Markets interpreted the words as a sign that the Prime Minister prioritizes control of the country’s borders over the access to the single European Market.

Adding to the tension were comments from Scotland’s First Minister Nicola Sturgeon who told that she was not bluffing when talked about a second independence vote in Scotland.

GBP/USD fell from 1.2247 to 1.2174 as of 11:38 GMT today, and its daily low of 1.2124 was the lowest since October 28. GBP/JPY dropped from 143.29 to 142.06.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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