Sterling just fell below $1.20

The pound slumped more than one per cent to a three-month low this evening, on fresh concerns the government is preparing to pursue a hard Brexit. As market trading resumed in Australia and New Zealand, sterling fell by as much as 1.6 per cent to $1.1983, taking it below $1.20 for the first time since the October flash crash. The pound's fall has come off the back of reports in Sunday newspapers that later this week Prime Minister Theresa May will say the UK is prepared to leave the Single Market, customs union and the jurisdiction of the European Court of Justice.

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