Fresh lows as pound falls 200 pips
It's an ugly day for the British pound.
Cable is now down 200 pips in a drop to 1.3043 that's been slowly unravelling throughout the day.
The latest drop took out the late-August low, hitting stops on the way.
The driver was a Bloomberg report saying Chancellor of the Exchequer Philip Hammond is ready to abandon total access to the EU in Brexit negotiations.
"Chancellor of the Exchequer Philip Hammond is ready to accept that Britain may have to give up membership of the European Union's single market -- and U.K. banks' crucial access to clients on the continent -- to achieve the immigration restrictions that voters have demanded, according to two officials familiar with his thinking."