Monday, 16 January 2017

Asia lower, Chinese markets down more than 1% in early trade

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Asia markets were tested on Monday as the British pound fell more than 1 percent on fears preparing the United Kingdom is ready for a hard exit from the European Union, while shares of Japanese airbag maker Takata tumbled more than 8 percent. The British pound tumbled from levels above USD 1.2176 to about USD 1.2036 Monday morning during Asian hours. The euro gained against the pound, climbing to 0.8824, from levels near 0.8720. 

The currency's decline followed media reports that suggested Prime Minister Theresa May's government was prepared to make a "clean and hard" exit from the European Union, ahead of her speech Tuesday. Traders expect volatility in the currency markets to persist ahead of May's speech.

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