Sterling falls after May’s Brexit speech disappoints

Sterling fell while other markets were unperturbed after British Prime Minister Theresa May, in a key-note speech, outlined the UK’s plans to add new life to the Brexit talks by committing to stay and pay its way in the EU for a transitional period of two years.

“Having been billed as one of the big events of the month, Theresa May’s appearance in Florence also proved to be a letdown,” said Chris Beauchamp, chief market analyst, at online trader IG.

“The speech was big on Johnson-style rhetoric, with plenty of ‘broad sunlit uplands’ stuff that spelled out how the UK wished to be a friend to the EU.