March 12, 2019 / 11:19 AM / 5 months ago

Sterling plummets after UK attorney general says legal risks of Brexit unchanged

FILE PHOTO - Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger

LONDON (Reuters) - The pound fell sharply on Monday after Britain’s Attorney General Geoffrey Cox said the legal risks to the United Kingdom of the Brexit backstop remained unchanged despite assurances from the European Union.

The fell plunged 0.7 percent to a day’s low of $1.3041. It had been as high as $1.3290 earlier in the session on hopes British Prime Minister May would eventually secure a deal before Brexit in less than three weeks.

The pound also fell sharply against the euro, falling by one percent to the day’s low of 86.33.

The export-heavy FTSE 100 rose as sterling dropped.

Reporting by Tom Finn; Editing by Tommy Wilkes

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