October 16, 2017 / 12:56 PM / 5 months ago

Sterling skids on report of possible 'Brexit breakdown'

LONDON (Reuters) - Sterling fell by almost half a cent against the dollar in a minute on Monday, with traders citing a Bloomberg headline that Brexit negotiations could be heading for a breakdown.

FILE PHOTO: British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration

The pound fell to the day's lows of $1.3246 GBP=D3, having been trading around $1.3291 beforehand, leaving it down 0.2 percent on the day.

“(The move) is squarely on that phrase, ‘Brexit breakdown’,” said Mizuho’s head of hedge fund currency sales, Neil Jones. “The correlation is still there – any suggestion of a harder Brexit is generating significant sterling selling.”

Reporting by Jemima Kelly; Editing by Mike Dolan

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