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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

GBP Drops by 1.6% as Theresa May Preps for Hard Brexit

January, 16 2017
watermark Economic news

The sterling pound dropped by as much as 1.6% and has settled below $1.20 for the first time since October’s infamous flash crash following reports from the market that UK PM Theresa May will soon be outlining her plans of removing UK from the EU single market as part of her attempt to take back control of UK borders, as well as laws. The GBP dropped significantly in comparison to other major currencies after general market concerns that Theresa May will be opting for a hard Brexit and is planning to pull out UK from tariff-free trading in order to put a stop to immigration while promoting trading with other countries.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.