Date for Brexit Set, Britain’s Pound Soft

The Great Britain pound was soft today after UK Prime Minister Theresa May announced date for the start of the Brexit. The news hit Britain’s currency, and even positive macroeconomic data released on Monday was unable to help the sterling.
May said that she will invoke Article 50, starting Britain’s actual separation from the European Union, no later than the end of March 2017. Meanwhile, the Markit/CIPS UK Purchasing Managers’ Index climbed in September to the highest level since June 2014. But that hardly helped the pound as traders felt that positive economic indicators mean little because everything can change after the United Kingdom starts its departure from the EU.
GBP/USD slid from 1.2919 to 1.2867 as of 10:12 GMT today. EUR/GBP advanced from 0.8684 to 0.8730, trading near the highest level since August 2013.

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