The British Pound Sterling has dipped to its lowest level against the US dollar for two months. The GBP was down by a cent at just below $1.22 in overnight trading, its lowest level since 31 October. It was also a cent lower against the euro at just under €1.16.
The decline follows comments by the Prime Minister Theresa may, in an interview with Sky News that Britain could not hang on to “bits of EU membership”.
Mrs May also insisted that the UK would be “working to get the best possible deal in the trading relationship with the European Union.”
However, currency markets appeared to interpret the remarks as making it less likely that the UK could retain access to the single market after Brexit.
The pound plunged to its lowest level against the dollar since 1985 after Britain voted in June to leave the European Union.
It is now about 19% lower than its level just before the referendum result became clear. The currency has been volatile since the vote as markets seize on any clues about the nature of Brexit.
Sterling has been trading at its lowest level since 1985 since the UK voted to leave the European Union in June last year, SkyNews reports.
