Sterling dived to three-month lows in thin Asian trade early on Monday, after media reports that the British government is prepared to make a "hard" exit from the European Union rekindled investors' fears about the impact of the impending move.
Sterling stole the spotlight from the dollar, which has come under pressure in recent sessions as investors pondered what to expect from U.S. President-elect Donald Trump's economic policies after he takes office on Friday.
The pound sank as low as $1.1983, depths not seen since the flash crash of early October. It last stood at $1.2038, down 1.1 percent on the day.
Investors have been worried such a decisive break from the single market would hurt British exports and drive foreign investment out of the country.
May has said she will trigger Article 50, starting the formal withdrawal from the EU, by the end of March. So far, she has revealed few details about what kind of deal she will seek, frustrating some investors, businesses and lawmakers.
May's speech on Tuesday will stress the need for Britons, who voted for Brexit by 52 to 48 percent in last June's referendum, to unite around common goals such as protecting and enhancing workers' rights.
The euro was up 0.9 percent at 0.8827 pounds, while sterling fell 1.4 percent on the perceived safe-haven yen to 137.65 yen.Read More...
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