The pound has fallen against the dollar and euro after the U.K. government sent out smoke signals about the timetable for the country's "Brexit," with investors wavering over what this could mean for the U.K. economy.
U.K. Prime Minister Theresa May said over the weekend that she would trigger Article 50, which formally starts the exit process, by the end of March 2017 at the latest, sending the clearest signal to markets that Brexit was going ahead.
But despite giving investors (not to mention the EU) more clarity about the timing of Brexit – 100 days after the initial vote to leave the European Union back in June – markets reacted badly to the announcement, with sterling slumping to a 3-year low against the euro and three-month low against the dollar on Monday morning.
The pound pared some losses to trade down 0.76 percent against the dollar, at $1.2876 against the dollar and around 0.7 percent lower against the euro, with the single currency worth 87.20 pence. However, market watchers forecast more turmoil for the currency.