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Nairaland Forum / Nairaland / General / Business / Bristish Pounds Sets Record Breaking Low Since 1985 (920 Views)
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Bristish Pounds Sets Record Breaking Low Since 1985 by Chatflick(m): 10:03am On Mar 19, 2020 |
The British Pound has plummeted to its lowest level against the U.S. Dollar since 1985 as a sell-off that started in late February continues virtually uninterrupted, but the move has caught the attention of the new Bank of England Governor Andrew Bailey. The Pound-to-Dollar exchange rate has fallen to a daily low at 1.1762; the lowest level since 1985, if you were to exclude the lows around 1.14 recorded during a technical flash crash in October 2016. The sell-off in GBP/USD has been mirrored by losses in Sterling against a host of other currencies, with the Pound-to-Euro exchange rate plummeting to a low of 1.0780, its lowest level since August 2019. Bank of England Governor Andrew Bailey has today said the Bank is currently watching Sterling "very carefully", taking note of the current fall which will be addressed at the March 26 Monetary Policy Committee Meeting. Bailey said there is no "single story" for the Pound's decline. "Sterling is being shunned for a variety of factors, including heightened demand for the highly liquid greenback and expectations that the new-look Bank of England may unveil bolder monetary measures next week, like QE, to ease the economic blow from the coronavirus. The market has priced a more than 33% chance of new BOE Gov. Andrew Bailey cutting interest rates to zero on March 26 from 0.25% currently," says Joe Manimbo, Foreign Exchange Analyst at Western Union. Pound lowest level since 1985 Despite Bailey's comments, we believe there is very little the Bank of England can actively do to defend Sterling, particularly when the scale of the forces working against it are so substantial. "The Pound has fallen to its lowest level against the U.S. Dollar since 1985. An SOE country with a large external trade deficit requires funding via capital inflows. In a sudden stop of global capital flows - the currency adjusts to offset the lack of inflows. Can't fight this," says Viraj Patel, FX and Macro Strategist at Arkera. The Bank of England is likely to announce a new round of quantitative easing (QE) at their next meeting, designed to inject further capital into the UK financial system as the UK economy battles with the coronavirus outbreak. Source: https://www.poundsterlinglive.com/gbp-live-today/12969-gbp-to-eur-and-usd-meltdown-march-2020 |
Re: Bristish Pounds Sets Record Breaking Low Since 1985 by helinues: 10:28am On Mar 19, 2020 |
Global Economy apocalypse loading |
Re: Bristish Pounds Sets Record Breaking Low Since 1985 by fishjam: 10:36am On Mar 19, 2020 |
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Re: Bristish Pounds Sets Record Breaking Low Since 1985 by Citytrend: 10:36am On Mar 19, 2020 |
It's well |
Re: Bristish Pounds Sets Record Breaking Low Since 1985 by jarawa: 10:38am On Mar 19, 2020 |
Oyibo |
Re: Bristish Pounds Sets Record Breaking Low Since 1985 by Vatod(m): 10:11am On Mar 26, 2020 |
Chatflick:I buy Bitcoin at cool rate and in large quantity |
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