Pound sinks ahead of UK PM Brexit speech

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The pound sterling plunged against the greenback on Monday during Asian trade, ahead of a key speech by U.K. Prime Minister Theresa May scheduled for Tuesday where she is expected to announce a hard exit from the European Union.

The pound fell 1.17 percent against the dollar at $1.2038 during early Asian time, after falling as low as $1.1979 earlier. This was the most the dramatic fall since last October when the pound nosedived to a three-decade low at $1.1819 amid fat-finger speculation and Brexit fears.

Theresa May will announce a "clean and hard Brexit" and prepare to pull the U.K. from the European market and the European customs union in exchange for the ability to control immigration laws and leave the jurisdiction of the European Court of Justice, the Sunday Times reported Sunday.

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