The pound sank as low as $1.1983 in thin early trade, depths not seen since the flash crash of early October. May has said she will trigger Article 50, starting the formal withdrawal from the EU, by the end of March. "The risk-averse sentiment stemming from the 'hard Brexit' is pushing down the dollar/yen," Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. The impact of his reflationary stimulus policies, too, are also expected to be gradual rather than immediate, if they are indeed implemented. Buoyed by the weaker pound, the dollar index, which gauges the greenback against a basket of six major rivals, added 0.3 percent to 101.50.

Source: The Star January 16, 2017 05:56 UTC