Pound Plunges to Lowest in More Than 30 Years as Brexit Looms
http://www.bloomberg.com/news/articles/2016-06-23/pound-tumbles-on-results-from-northeast-england-in-eu-referendum
The pound is making history as the U.K. looks destined for
Brexit. Sterling slid by the most on record against the
dollar, and reached its weakest level since 1985, as the
British Broadcasting Corp. projected a victory for the
"Leave" campaign in the nation's European Union referendum.
U.K. stock index futures fell and bank shares tumbled. "I got
into this business in 1980 and I've never seen an evening like
this one," said Chuck Self, chief investment officer of
iSectors LLC. "This kind of thing happens once in a lifetime."
The more than 10 percent plunge on Friday leaves the currency
on course for its worst day on record, and compares with the
4.1 percent drop on 1992's Black Wednesday, when the pound was
forced out of Europe's exchange-rate mechanism -- the previous
biggest daily drop.
- - -
Yeah, that'll *really* help your economy, guys.
--Lauren--
Lauren Weinstein ([email protected]): http://www.vortex.com/lauren
Founder:
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I have consulted to Google, but I am not currently
doing so -- my opinions expressed here are mine alone.
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