Pound tanks as May braces for Brexit

London

THE pound slumped Monday on reports British Prime Minister Theresa May was ready to take the country out of the European Union in a so-called "hard Brexit".

Sterling's weakness sent London's FTSE 100 index to a fresh record high, while eurozone and Asian stock markets retreated. "It would appear that the main catalyst behind this (pound) sell-off is speculation that UK Prime Minister Theresa May will set out tomorrow the UK government's position" on negotiating Brexit, said Michael Hewson, chief market analyst at CMC Markets UK.