GBP Falls After May Signs Article 50 Letter

Sterling fell in early Asian trading as investors brace for the start of the two-year negotiation for the U.K. to leave the European Union.

The pound fell as much as 0.6 percent to 1.2377 per dollar, and was the worst performer among the Group-of-10 which saw muted trading. Some funds left it late in adjusting positions and then did so in poor liquidity, said a trader who asked not be identified as he isn’t authorized to speak publicly. Britain’s ambassador is expected to hand EU President Donald Tusk a letter at around 1:30 p.m. local time in Brussels invoking Article 50 of the Lisbon Treaty.

Bloomberg

EUR/USD – Euro Dips

Pound Lower As UK and EU Divorce Begins

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.