Pound Dropped due to May’s Brexit Remarks

The British currency declined by 1% and fell sharply to its two-month low versus other major pairs due to the commentary made by Prime Minister Theresa May. The 60-year old politician announced that the country will continue conducting the hard Brexit. The weakness of the pound was felt generally by other currencies except by the Turkish lira. Furthermore, PM May also told in an interview that she prefer to embed the best arrangement to work out regarding the EU exit. She mentioned also that the idea to "keep bits of membership" is already excluded.

On Monday, the Great Britain pound is relatively lower by 1.05% compared with the U.S dollar with $1.2155 and down at 1.41% against the euro at €1.1501.

According to Neil  Wilson, markets analyst at ETX Capital, said that sterling has retreated after May expressed her remarks which signaled that the UK government would not prioritize single market access thus will focus more on immigration border law.