POUND SET FOR THE BIGGEST DROP ON OUTLOOK FOR BREXIT

The pound is headed for its biggest weekly decline in a month amid speculation that potentially painful Brexit negotiations will prompt the Bank of England to ease monetary policy further.

Sterling fell against all of its 16 major peers on Friday as the Telegraph newspaper cited five unidentified senior EU officials saying that Britain will face a “bureaucratic nightmare” in the talks, and that “reality” even may persuade it to not follow through with the voter-approved exit.

While the BOE’s Monetary Policy Committee members voted unanimously to keep its key interest rate and asset-purchase target unchanged on Thursday, they signaled further easing cannot be ruled out.

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