Currencies: Pound slumps after Boris Johnson hints at Brexit timing

The pound resumed its slide on Friday, heading sharply lower after U.K. Foreign Secretary Boris Johnson said he expects his country will start formal Brexit negotiations early next year.

Speaking with Sky News in New York late Thursday, Johnson said the U.K. government is in talks with its European partners in the “expectation that by the early part of next year, you will see an Article 50 letter.”

Triggering Article 50 is the action that officially would kick off the U.K.’s exit from the European Union.

Sterling GBPUSD, -0.8488% was Friday morning trading at $1.3004, down from $1.3078 Thursday in New York.

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