The pound is dropping again
It's been a chaotic few days in the currency markets, and the British pound has been taking the brunt of the pain.
One of the most immediate market casualties of the UK's vote to leave the European Union was the value of the pound, which at one point fell over 10% against the US dollar to about $1.33, a 31-year low. It was worst single-day drop ever for the currency.
The pound is plummeting again against most major currencies, responding to the political chaos sparked by the Brexit vote.
Prime Minister David Cameron resigned on Friday, while Labour leader Jeremy Corbyn has said he will not be moved from the leadership despite a full-scale coup against him by the parliamentary Labour party, which began on Sunday with 11 resignations from his shadow cabinet.
The currency is down by more than 2% against the dollar as of 7:30 a.m. UK time:
Investing
The same goes for the pound versus the Japanese yen:
Investing
And it's off by more than 1% against the euro:
Investing
Chancellor of the Exchequer George Osborne warned in a speech this morning that markets face more volatility, but that the UK's financial sector is ready to deal with it.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market