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Sterling hits all-time low: two things can turn this around but neither is straightforward

By Jean-Philippe Serbera, Senior Lecturer in Banking And Financial Markets, Sheffield Hallam University
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While most people in the UK were still in bed in the early hours of Monday morning, the pound dived. It fell over 4% during Asia trading to reach its lowest ever level against the dollar of US$1.035, while also hitting €1.079 against the euro. This was an exceptional fall, and continues its 3% decline against the US dollar on Friday in response to the hefty borrowing and tax-cutting in Chancellor Kwasi Kwarteng’s mini-budget.

Pound vs US dollar since mini-budget

In parallel, traders have been dumping British government bonds, which is driving up long-term…The Conversation


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