I expected Mrs May's widely trailed speech tomorrow (HERE), setting out her broad objectives and said to include the UK pulling out of the single market and the customs union, to cause a drop in the pound and so it has proven. Overnight it fell below $1.20 and was trading this morning at $1.20310 about 1.33% below its close on Friday.
What will happen (a) when she announces clearly that we are leaving the single marker and (b) when we actually do pull out is anybody's guess but I'm sure it will not be good.
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