The pound is the worst performing major currency today, dropping against all its peers as any hopes that the UK and EU will agree upon a new Brexit deal seem to be slipping away. The rhetoric from both sides has become increasingly hostile with each party looking to blame the other for the failure to make any progress.
The largest declines for GBP can be seen against NZD, CHF and JPY with these crosses all lower by 1% or more on the day while the GBPUSD has dipped below the $1.22 handle to trade at its lowest level in 5 weeks. Traders should keep an eye on any further Brexit headlines while the USD could be sensitive to a speech from Fed chair Powell this evening scheduled at 7:30 PM (BST)
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