Hard Brexit sends British pound plummeting

British pound sterling hits lowest vs. US dollar in three years

On September 3, the pound sterling hit the lowest against the US dollar in almost three years due to investors' growing concerns about the possibility for hard Brexit (without a deal).

The British currency fell to 1.1968 US dollars for one pound, which marked the strongest fall of the pound since October 2016, when it fell to the level of 1.22 dollars for one British pound.

In July, the British currency fell to low levels of April and then March of 2017.

The UK was supposed to exit the EU in March, but the British parliament repeatedly rejected the proposal from then Prime Minister Theresa May on the terms of the deal with Brussels. London received a delay until April 12, and then until October 31. Before this deadline, the parties must develop an agreement that will satisfy both London and Brussels. At the same time, the likelihood for hard Brexit remains.

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