Brexit brings the Sterling to an all time low
June 25, London: The Sterling has fallen more than 10% early on Friday to levels not seen since 1985, sinking as low as $1.3236 against the dollar, before regaining some ground to $1.3578 after the Brexit.
According to John Higgins of Capital Economics, despite the fall it seems disingenuous to suggest that sterling has collapsed in the wake of this outcome.
Similarly, oil prices have also fallen sharply in the wake of the referendum outcome, with Brent crude down 4.9% to $48.41 a barrel - the biggest fall since February. US crude also fell 4.7% to $47.77 a barrel. Gold jumped 5% to its highest level in more than three years at $1,322 an ounce.
Meanwhile, the impact of the vote was also felt across the continent. The Dax in Frankfurt fell 6.8% - its worst day since 2008 - while Paris ended 8% lower, with falls of about 12% in both Milan and Madrid.
Capital Markets analyst Oliver Roth said the slide in the Dax "wasn't quite as bad as we had feared. At the opening it was down almost 10% but the markets stabilised somewhat ... However, there is great concern after this political disaster."
The Oslo Times