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Currencies: Pound drops to nearly 3-month low after May signals ‘hard’ Brexit

The pound unraveled against the dollar on Monday, losing ground after U.K. Prime Minister Theresa May indicated she would pursue a clear break from the European Union.

The British currency GBPUSD, -0.7090% traded down about 0.8% at $1.2874, after falling as low as $1.2845 earlier Monday — a level last seen nearly three months ago.

May on Sunday said the U.K. would trigger the process of separating from the EU by the end of March. “We are going to be a fully independent, sovereign country—a country that is no longer part of a political union with supranational institutions that can override national parliaments and courts,” the British leader said.

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