Pound Slides Hard On Strict Brexit Deadline – 17 December, 2019

The pound had its steepest fall in over a year when Britain stood its ground in reinstating a hard deadline for its exit from the European Union. Sterling dropped 1.6% when investors worried once again of the mess in Brexit plans, erasing gains made after Prime Minister Boris Johnson’s electoral win a week ago. The British currency last traded at $1.3133, having reached over $1.35 after the election. It fell by as much as 1.8% against the euro but managed to recover slightly to 84.92 pence per euro. The U.S. dollar was steady against the euro at $1.1151, while a drop in dairy prices caused the kiwi to fall to a one week low of $0.6565. Australian dollar was also floating near a one week low.