Sterling drops as UK gets closer to Brexit date

Sterling dropped the most in two weeks as UK Prime Minister Theresa May appeared to be leaning toward the first part of 2017 as the best moment to trigger the start of formal talks over the UK’s withdrawal from the EU.

Sterling fell against 13 of its 16 major peers, paring a weekly advance against the dollar.

While reports in the UK media recently suggested May could wait until the end of 2017 before opening two years of negotiations through triggering Article 50, she is sympathetic to the case for acting by April at the latest as Germany and France prepare for elections and pro-Brexit campaigners at home warn against delay, said the official sources.