Contact Your Financial
Adviser MONEY MAKING MC
Fears of Britain exiting from the Europan Union (EU) as a
result of a historic referendum held on Thursday, has pushed the value of the
pound on Friday to its weakest level against the dollar in 31 years.
Market expectations that Britain is on the verge of
voting to leave the EU sent the pound down to $1.35, depths it has not been
plunged since 1985, the Independent reported.
The pound has already set a record intra-day swing of
more than 10% between its high and low points.
The value of the currency soared as high as $1.50 after
polls released after 10 p.m. showed 'Remain' in the lead. But that mood changed
rapidly when the actual count results started to come in.
Analysts have warned that the pound could fall up to 20%
in the wake of a Brexit vote
Meanwhile, FTSE 100 Index future derivatives - which give
an indication of where the stock market will open at 8 a.m. - have slumped
6.1%.
US stock-index futures are down more than 3%.
The pound touched a low of $1.3640, down as much as 9% on
the session.
Chris Towner, chief economist at HiFX, said: “We still
have a lot of votes to come, however the market cannot ignore the momentum and
the reality of where the UK is heading.”
Disclaimer: Information, facts or
opinions expressed in this news article are presented as sourced from IANS and
do not reflect views of ML and hence ML is not responsible or liable for the
same. As a source and news provider, IANS is responsible for accuracy,
completeness, suitability and validity of any information in this article.
No comments:
Post a Comment