The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US dollar in the coming months. The unprecedented currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending.
The soaring US dollar also sent major Asian currencies tumbling on Monday. Asian markets and currencies crack China’s yuan slid 0.5% on the onshore market to the lowest level in more than 28 months. The offshore yuan fell 0.4%. The rapid declines prompted the People’s Bank of China to impose a risk reserve requirement of 20% on banks’ foreign exchange forward sales to clients, starting Wednesday.
like many Brits living overseas we've seen over 65% of our pension wiped out - buggers have a lot to answer for
Incredible
A London vacation with a hotel near the Marble Arch is on sale.
They waited until the Queen to die to dump this mess on King Charles.
So why doesn't the Americans cut their taxes to make their dollar to go down as well. Da?
Remove these ludicrous vaccine mandates. Now the USA has become the only enforcer left of medical apartheid. Time to stop practicing political science and welcome all commerce and travellers to the USA.
I Blocked the Fox Stepford Wife channel known as CNN on my TV. Sad that they think if they mirror a super market tabloid station like Fox it will get them the right attention that they want.
This is why !!
3YearLetterman
Do Democrats, poor, middle class, high school, college students, seniors and people that work an extra job know that inducing all these illegal migrants into the workforce will severely drop the minimum wage to nothing !
USA USA🇺🇸🇺🇸
👀... PoundSterling YouYesYet SCRM YesScots BetterTogetherLied
Currencies oil etc are incredibly volatile commodities. CNN should refrain from peddling their narrative over a short term slump
Thanks to Joe biden and his Biden-O-nomics help driving the world into a global recession
I never realized how much the Queen was holding things together over there
King Charles fuckin up already
The US DOLLAR will be joining that fall very soon .
No mention of the Euro’s record low against the dollar ?
LizTruss must be commended for overcoming such educational obstacles as never having heard of Ronald Reagan, trickle down (“scraps from the rich man’s table”) economics, or the Enron fraud (also built on booking imaginary “profits,” before heading to prison).
No more fakenews please.
Seriously, why are people still falling for the trickle down economics scam that it is? It’s a massive failure by every metric and has been for almost 50 years now.
GBP A turkish story
مهسا_امینی OpIran MahsaAmini IranProtests2022
Its all going terribly well isnt it.. seems Bexit and a Tory Govt have been a riproaring success
Pound hits record low on recession fears .
Traders bet on emergency interest rate rise after pound hits record low .
Markets react to the UK's biggest tax cuts in 50 years .
Stop with the fake news.... release the epstein list...
KwasiKwarteng trussliz Thanks to the genius new gov team for this new record
The dollar has soared hugely, the pound and other currencies have fallen a bit.