The pound fell 1.5% on the session to hit $ 1. 1873, its lowest level since an overnight flash crash in October 2016 and below the levels seen in the aftermath of the Brexit referendum.
Fears of the economic impacts from the coronavirus pandemic and the drastic monetary policy from the US Federal Reserve (Fed) are increasing pressure on discounts with this currency.
Accordingly, the pound slipped below 1.19 USD on Wednesday and hit the lowest level since October 2016 when concerns about liquidity that caused the US dollar soared and hit the currencies all over the world.
Accordingly, the strong momentum of the greenback has caused currencies around the world to plunge. In particular, the world’s most liquid currency hit the highest level in years compared to both the Australian and New Zealand dollars, while the Norwegian Kroner hit the lowest level compared to the dollar.
On Wednesday session, the US dollar index advanced to 100, the highest level since April 2017.