The British Pound Sterling slumped to more than a three-decade low, excluding the flash crash on 7 October.
The pound hit new lows after reports said that Prime Minister Theresa May will on Tuesday signal plans to quit the EU’s single market to regain control of Britain’s borders.
Sterling fell against all of its major peers, dropping below $1.1985 against the dollar in early Asian trade on Monday, before recovering slightly to just above $1.20.
This is a more than three-decade low for the currency, excluding the flash crash on 7 October that sent the pound plunging more than six per cent to $1.18.
Sterling is down against the dollar by about 19 per cent since the Brexit vote, with declines since mainly sparked by concerns that Mrs May would pursue a so-called hard Brexit.
City analysts are anticipating Mrs May’s speech on Tuesday with a sense of gloom. Reuters economists have forecast sterling will slump to a fresh-low when the Prime Minister starts official proceedings to leave the bloc in March, the Independent reports.
