Blame the Brexit vote, not a clumsy trader for the falling pound, says SIMON WATKINS
Perhaps the slump in the pound is a one-off fluke, a moment of madness caused by a deranged computer program or a fat-fingered trade by a clumsy trader.
That may account for the sudden and sharp crash in sterling in Asia late on Thursday night.
It does not account for the longer downward trend in the value of the pound, which accelerated even in the cold light of Friday morning. This is the cost of Brexit.
A drop in the value of the pound is good news for exporters as optimists are keen to mention, but it adds to the cost of anyone importing raw materials to the UK and will eventually... read more
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