Brexit: Pound Depreciates Ahead Of Theresa EU Speech

Posted by African Examiner Featured, Latest Headlines, World News Monday, January 16th, 2017

BALTIMORE, MD (AFRICAN EXAMINER) – As UK Prime Minister Theresa May prepares to deliver Brexit speech Tuesday, the pound has hit its lowest level for more than three months.
Sterling fell below the $1.20 level before recovering slightly on Monday.

Britain is set to quit the EU single market as part of her Brexit plans.

The pound also dropped to a two-month low against the euro, falling more than 1 per cent to about €1.13 in Asian trading.

Analysts according to reports suggested that Mrs Theresa will signal pulling out of the EU single market and customs union, but Downing Street has faulted the “speculation”.

The pound has fallen about 20 per cent against the dollar since June’s EU referendum, to lows last regularly seen in 1985.

The situation has been linked to uncertainty about the likely economic impact that will prevail if the UK gives up its tariff-free access to the EU.