UK PM Theresa May prefers her Brexit’s “clean and hard” according to The Sunday Times, and overnight we got a preview of what that feels like courtesy of FX markets which slapped the pound below 1.20 for the first time since the October flash crash.
Below is a look at O/N vol, which hit its highest level since August 4, when the BoE cut rates following the Brexit vote.
(Chart: Bloomberg)
