The Pound Drops To Two Year Low – 17 July, 2019

Sterling fell to a two year low with investors becoming increasingly anxious that Britain will be forced to leave the European Union without a Brexit deal in place, with pressure put on the Bank of England as economic data showing that the UK is struggling. The pound fell below $1.24, rebounding 0.2% higher after falling to $1.2382 in earlier trading. Sterling managed to recover from a 2016 crash in the currency markets, hitting a thirty year low when it fell to $1.15. Despite strengthening to $1.34 earlier this year, traders have been quick to drop the currency as Brexit negotiations drag out and uncertainty over the next Prime Minister. Against the euro, sterling shed 1%, and 2% against the dollar, on track for its biggest monthly drop in just over a year. The pound fell against the euro to 90.51 pence, a six month low, before settling at 90.285.