The pound hit a three-year low against the euro on foreign exchange markets overnight after the UK identified the deadline by which it would start the process of exiting the EU.
The pound was 0.9 per cent weaker against the euro, with as much as £0.8742 needed to buy a unit of the single currency, a level not touched since 2013. Against the dollar, sterling was down 0.8 per cent at $1.2880, its lowest level since August 15.
Did some hedge funds have advanced word that UK Prime Minister Theresa May was about to announce the date by which she would invoke Article 50, the trigger that would start Brexit?
According to The Financial Times, data from the Commodity Futures Trading Commission showed that hedge funds nearly doubled their net short positions on the UK currency to $5bn in the week to September 27 from the previous week, That ended four straight weeks of net buying of the pound.
George, you evil bastard, is that you?