U.K. Prime Minister To Trigger Start Of Brexit Process On March 29

U.K. Prime Minister Theresa May will trigger the beginning of the country's process of leaving the European Union on March 29, according to reports Monday. The move comes after British lawmakers last week passed the Article 50 bill that paved the way for Brexit to get underway. European Union officials said "everything is ready" for the Brexit trigger, according to Agence France Presse news agency. The pound dropped to $1.2372 after Monday's reports. Sterling early Monday had traded above $1.24 for the first time since Feb. 27, FactSet data showed. "While the timing of the triggering of Article 50 comes as no surprise given that May had previously vowed to do so before the end of March, it does show that sterling remains sensitive to Brexit related headlines, even those that are already widely known," said Craig Erlam, senior market analyst at Oanda, in a note.