Forex Today: Pressure on the dollar

Here is what you need to know Wednesday, December 18th:

• UK PM Johnson announced plans to write into law that the UK will leave the EU in 2020 without allowing an extension of the transition period. The Sterling collapsed amid mounting fears of a hard-Brexit, with GBP/USD briefly piercing the 1.3100 figure before bouncing modestly.
• The EUR/USD pair advanced to a fresh weekly high of 1.1174 but closed the day unchanged around 1.1150.
• The market’s optimism faded amid Brexit concerns and the absence of clarity about phase one of the trade deal. China seems more reluctant to provide details.
• Equities posted modest intraday gains, but Wall Street reached fresh all-time highs.
• Crude oil extended its rally into the fourth trading day on Tuesday with the barrel of West Texas Intermediate rising to its highest level in three months. Market waiting for US stockpiles data.
• Gold remained mute around $ 1,475.00 a troy ounce.
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