The pound is tanking as May speech deepens Brexit crisis

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September 21, 2018 2:26 PM

As May's speech ended at around 2.10 p.m. BST (9.10 a.m. ET), the pound was down 1.4% against the dollar and around 1% against the euro, as markets interpreted May's words as making a hard Brexit more likely.

LONDON — The pound has dropped sharply on Friday afternoon after British Prime Minister Theresa May used a speech to say that the UK and EU have reached an impasse in Brexit negotiations and accuse the European Union of a lack of respect during recent talks.

"I will note overturn the result of the referendum, nor will I break up my country," May said in a speech at Number 10 Downing Street.

Here's the chart of the pound's movement against the dollar:

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