Brexit Concerns Sink Sterling to 20 Month Low – 10 December, 2018

British Prime Minister Theresa May’s postponing of a crucial Brexit vote caused the pound to drop to an almost 20 month low with little optimism towards a smooth and peaceful exit from the European Union. Sterling dropped by 1.3 percent to $1.2507 before managing to claw its way up 0.1 percent to $1.2574. Against a basket of six major currencies, the dollar rallied 0.75 to 97.092 after hitting a Nov. 22. low of 96.364 the night before.   The euro dipped 0.2 percent but managed to pick itself back up to $1.1365. Against the yen, the dollar dropped 0.25 percent to 113.02 yen having gained 0.5 percent overnight. Australian dollar managed to climb out of the one month low of $0.7170 by gaining 0.1 percent and rising to $0.7197.