Pound Drops as May's Big Brexit Moment Is Thin on Details

The pound fell on Friday as U.K. Prime Minister Theresa May’s much-awaited speech in Florence failed to lay out more details of her Brexit vision. Sterling declined against all of its Group-of-10 peers as she said she’d seek a transition period of around two years after Brexit, but failed to outline specifics. U.K. government bonds rallied as the pound dropped.

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