Just after midnight in the UK on Friday morning, when most of Europe was asleep, foreign exchange dealers in Asia were jolted out of their routine contemplation of the currency markets by a sudden, inexplicable plunge in the value of the pound against the dollar.

    The UK currency had been under renewed pressure since Sunday, when Theresa May said she would trigger article 50 by next March and hinted at a hard Brexit – putting immigration controls at the forefront of EU discussions at the expense of remaining in the single market. With investors worried about the subsequent outlook for the UK economy, the pound had already dropped to a new 31-year low.



user-inactivated:

TIL people speculate on the value of money itself. I don't even know if I want to know how that works, cause the idea sounds crazy.


posted by user-inactivated: 713 days ago