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TOKYO: Sterling hit seven-week lows on Monday after Britain set a March deadline to begin its exit from the European Union, while the dollar firmed as fears about Deutshe Bank receded and investors looked to this week´s U.S. jobs data.
British Prime Minister Theresa May said that she would trigger the process for the UK to leave the EU by the end of March.
May told the ruling Conservative party´s annual conference on Sunday that she was determined to move on with the process and win the "right deal".
Sterling was down 0.4 percent at $1.2941 after it earlier touched $1.2902, its lowest level since Aug. 16.
"The sterling low was hit this morning in very low liquidity, and there´s still two years to go before anything happens," said Mitsuo Imaizumi, chief currency strategist at Daiwa Securities in Tokyo. "There is still plenty of time for investors to buy back the currency.
"Risk sentiment benefited from news that Deutsche Bank was attempting to negotiate a much smaller fine with the U.S. Department of Justice, though no formal settlement has been announced yet.