The British pound stood at its lowest level against the dollar since late October on Tuesday as it hit a session low of $1.2107. Sterling also recorded significant losses compared to the euro, falling to a new two-month low of €1.1411.
The currency was weighed down by comments from the United Kingdom Prime Minister Theresa May who insisted that Britain will not hang on to "bits of EU membership," but will attempt to keep operating within the EU single market. May's comments were followed by German Chancellor Angela Merkel's claims that the UK will not be given access to the single market after Brexit unless it accept free movement of people.
Sterling declined 0.31% against the dollar to go for 1.2125 at 9:43 a.m. CET. The pound was fell 0.64% compared to the euro to sell for 1.1433 at 9:44 a.m. CET.
