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Sterling plunges over 6% against USD overnight in Asia
worldtraveller
Posts: 14,012 Forumite
The pound suffered its biggest drop against the dollar since the Brexit vote on Friday amid warnings from the French president that the UK faced tough Brexit negotiations.
Sterling plunged by as much as 6.1pc against the dollar to as low as $1.1841 in thin Asian trading.
The fall coincided with comments by Francois Hollande that European leaders should take a "firm" negotiating stance with the UK.
Analysts were baffled by the massive fall, which was the biggest intraday drop since June 24, in the wake of the vote to leave the EU.
Several said a "fat finger" error probably triggered a wave of so-called "stop-loss" orders, which automatically sell the pound once its value falls below a specified level.
Telegraph.co.uk
It does indeed look like a "fat finger" error, but, nonetheless, bringing USD V GBP nearer the approx. USD1.20 rate that many analysts expected at some point after 'Brexit'.
Sterling plunged by as much as 6.1pc against the dollar to as low as $1.1841 in thin Asian trading.
The fall coincided with comments by Francois Hollande that European leaders should take a "firm" negotiating stance with the UK.
Analysts were baffled by the massive fall, which was the biggest intraday drop since June 24, in the wake of the vote to leave the EU.
Several said a "fat finger" error probably triggered a wave of so-called "stop-loss" orders, which automatically sell the pound once its value falls below a specified level.
Telegraph.co.uk
It does indeed look like a "fat finger" error, but, nonetheless, bringing USD V GBP nearer the approx. USD1.20 rate that many analysts expected at some point after 'Brexit'.
There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
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Comments
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At what point will talk of interest rate rises start to make the news?
Inflation will be rampant in 12 months of this continues.0 -
Everyone is talking about Brexit but it seems to me the end of austerity / fiscal loosening that the govt has preached during the conference is more likely to be behind gbp weakness.I think....0
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Markets expect a hard Brexit and realise this will mean the UK going out of her way to out compete the lumbering EU, with fiscal policy to help keep the pound low going forwards.
Sod the single market, it's a totally over-blown bureaucratic mess that increases so many prices (sugar for example). Plenty of prospering nations with no trade deal manage perfectly well to sell to Europeans.
Equivalence and other measures enable the virtual free movement of services - passporting is over-rated and in any event if the EU hampers the city, it will badly curtain the EU business world ability to raise capital. We have nothing to fear but fear itself0 -
Brexit or Bremain......how can anybody believe it would have been different. The change in fx rates for sterling haven't suddenly come about because of a cross in a ballot box.
Please show that you have some grasp of how deep the economic crisis is, that it is not over, and that it will not be over by christmas......and we are now approaching the ninth christmas since the world economy went bits up..._0 -
Brexit or Bremain......how can anybody believe it would have been different. The change in fx rates for sterling haven't suddenly come about because of a cross in a ballot box.
Please show that you have some grasp of how deep the economic crisis is, that it is not over, and that it will not be over by christmas......and we are now approaching the ninth christmas since the world economy went bits up..._
We are, in theory at least, part of a moneysaving forum.
When you have no money, limited means to repay any additional borrowed money, and everyone else you know is in a similarly bleak situation, it is probably not the ideal time to call a family meeting on the merits of remodelling the house.
The government called that meeting, remodelling the house won. Fine, that's the decision. Who knows, they might even make a good job at this. But while only someone dishonest would seek to suggest that Brexit was the cause of the previous nine years' economic picture, only a lunatic would seek to suggest that this project was not a high-risk thing to do. I concede that IF done properly it may ultimately prove to be high reward, but that "if" could not possibly be put in big enough letters.0 -
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Again.......Thrugelmir wrote: »Austerity hasn't ended. The policy change merely extends the time it's going to take to bring the budget under control.I think....0 -
Brexit or Bremain......how can anybody believe it would have been different. The change in fx rates for sterling haven't suddenly come about because of a cross in a ballot box.
Are you aware that on the morning of the referendum result there was a sudden change in 'fx rates for sterling'?0 -
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