Pound dollar exchange rate: GBP dives after Theresa May speech

WPA
Pool/Getty

• The pound dives as Theresa May delivers speech that
  pushes the UK closer to a hard Brexit.
• Pound
  dollar exchange rate drops more than 1.4% as speech
  progresses.
• “I will note overturn the result of the referendum, nor
  will I break up my country,” May said in a speech at Number 10
  Downing Street.

LONDON — The
pound has dropped sharply on Friday afternoon after British
Prime Minister Theresa May used a speech to say that the UK and
EU have reached an impasse in Brexit negotiations and accuse the
European Union of a lack of respect during recent talks.

“I will note overturn the result of the referendum, nor will I
break up my country,” May said in a speech at Number 10 Downing
Street.

As May’s speech ended at around 2.10 p.m. BST (9.10 a.m. ET), the
pound was down 1.4% against the dollar and around 1% against the
euro, as markets interpreted May’s words as making a hard Brexit
more likely.

Here’s the chart of the pound’s movement against the dollar:

Markets Insider