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The pound is losing ground to the dollar in Asia trade after Theresa May on Tuesday signed the letter to start Britain’s exit from the EU.

The British pound shed 0.3 per cent on Wednesday morning to $1.241, bringing it 1.2 per cent lower over the two-day period.

It was the only marked loss against the greenback among major currencies during the morning session, with the Australian dollar gaining 0.2 per cent on its US counterpart to $0.7646. Japan’s yen was trading flat at ¥111.13 per dollar.

Copyright The Financial Times Limited 2017. All rights reserved.

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