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Pound Slides to Start 2020 With a Reversal of Year-End’s Rally
The pound slid at the start of 2020, halting a winning streak that capped its most successful quarter in a decade. The currency led losses among peers against the dollar, pulling back after a six-day run that saw it gain 2.5% before the new year. Such reversals are not uncommon in year-end holiday periods, given trading volumes are thin, said Lee Hardman, a currency strategist at MUFG Bank Ltd. Sterling traders are factoring in the chances that the U.K. won’t be able to negotiate a free-trading agreement with the European Union by the end-2020 deadline, even as the risk of a crash exit from the bloc this month has ... (full story)