London - The
pound tumbled against all of its Group-of-10 peers as London traders
sold down the currency after UK Prime Minister Theresa May was given
the go-ahead to
trigger Brexit in the last week of March.
The currency fell
as much as 0.5% to $1.2153. During the Asian session,
option-related bids under $1.2200 strikes expiring all week were filled,
while macro offers between $1.2220/50 were layered, according to
“There is no particular headline, but I’m seeing early sellers out of
Stephen Innes, a senior currencies trader at Oanda in Singapore.
“I suspect more a case of pre-Article 50 jitters and to a lesser degree
the Scottish referendum. Risk in general is holding up so I suspect the
combination of Fed policy and political uncertainty are the main
The selloff comes a day after Scottish First Minister Nicola Sturgeon
signaled the start of a legal process for an independence referendum,
while the UK parliament gave May permission to start Brexit talks.
dollar traded in a tight range against most other major peers with
turnover below average as traders held on to positions ahead of the
Federal Open Market Committee two-day policy meeting starting today.
Australia’s dollar fell after February business confidence declined
though losses were stemmed by a mixed set of Chinese economic data.
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