October 2, 2016 / 10:06 PM / 10 months ago

Sterling falls in Asia after PM sets Brexit deadline

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A bank employee counts pound notes at Kasikornbank in Bangkok October 12, 2010.Sukree Sukplang/File Photo

SYDNEY (Reuters) - Sterling GBP=D4 traded half a U.S. cent lower in early Asia on Monday after British Prime Minister Theresa May said she would trigger the process for the UK to leave the European Union by the end of March.

The pound was quoted at $1.2921 GBP=D4 having been down as far as $1.2902 at one point, its lowest since mid-August.

May on Sunday told the ruling Conservative party's annual conference that she was determined to move on with the process and win the "right deal".

Using Article 50 of the EU's Lisbon Treaty will give Britain a two-year period to clinch one of the most complex deals in Europe since World War Two.

Reporting by Wayne Cole

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