In a shock result that the city and the bookmakers didn't see coming, the UK has voted to leave the EU. The Pound has fallen twice as far as on Black Wednesday, hitting it's lowest since 1985. The Pound has since recovered some of it's losses however.
Sterling/Dollar was up at $1.50 last night, and dropped to as low as $1.32. Sterling has managed to recover nicely however, and GBP/USD currently sits at $1.3715, with GBP/EUR at €1.24. So while it's lower, it's not a complete disaster.
However you voted, and whatever your currency requirements, we can help you navigate these turbulent markets to achieve an exchange rate much better than banks or other brokers can offer. Those with Euros to sell may well wish to take advantage of the weakness.
If you would like to find out more about what is happening to the market, and to get a quote for your exchange, click here to send me a free enquiry today.
There will be further repercussions in the coming weeks and months and these are certainly remarkable times.....
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To put this into perspective, here are the top 4 moves for the Pound since WW2 from the BBC, and today's fall was about 10%:
- 1971 Pound moves 3.4% after Nixon Shock -- cancellation of the direct international convertibility of the United States dollar to gold.
- 1 November 1978 4.3% "Winter of discontent" shakes global investors confidence in UK's economy.
- 16 September 1992 4.29% when the UK exited the exchange rate mechanism.
- 20 Jan 2009 Pound slides 3.9% at the peak of the financial crisis following the demise of Lehman Brothers.
Labels: Leave, lowest since 1985, Pound falls, Shock Brexit result
