Pound Sterling Hits 31-Year Low Against Dollar after Brexit.

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Sterling has this morning slipped to $1.3218 – a new 31 year low against the US currency, as a result of investor anxiety over the economic implications of Brexit.

The pound had dipped to $1.3231 on Thursday night – the lowest since 1985 – as the referendum result came into focus and traders sold sterling. But it recovered slightly over the following 24 hours.

Yet in trading today the pound dipped below that level, as a statement by the Chancellor, George Osborne, highlighting the “strength” of the UK economy, failed to assuage concerns. (Independent UK)

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UK financial markets also remain volatile in the wake of the Brexit vote, with sterling plunging to a 31-year low against the dollar, and some share trading temporarily halted. Yields on 10-year government bonds sank below 1% for the first time.

Banks, airlines and banks were hardest hit with sharp falls causing a momentary halt for some shares as automatic circuit breakers kicked in.

BBC
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