Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Sterling tanks 3%, set for biggest one-day fall since 2020

Published 09/23/2022, 11:07 AM
Updated 09/23/2022, 11:11 AM
© Reuters. FILE PHOTO: Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

© Reuters. FILE PHOTO: Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Sterling extended its slide on Friday, falling more than 3% to as low as $1.0897, putting it on course for its biggest one-day fall since March 2020 when markets were roiled by the COVID-19 pandemic.

British finance minister Kwasi Kwarteng earlier in the day laid out a plan of historic tax cuts paid for by huge increases in borrowing, which sent British government bonds into freefall and the pound sharply lower.

Latest comments

Valentinas Timukas
good trend thank you for the profit :)))
what the hell.bank of england doing why don't they intervene in currency market.see Switzerland, japan,india,korea intervene in currency market.I think
what the hell.bank of england doing why don't they intervene in currency market.see Switzerland, japan,india,korea intervene in currency market.I think uk is now worst country and all i think
what the hell.bank of england doing why don't they intervene in currency market.see Switzerland, japan,india,korea intervene in currency market.I think uk is now worst country and all i think
r u ok? look at BoJ intervention. fighting a tiger with wooden sword.
r u ok? look at BoJ intervention. fighting a tiger with wooden sword.
look at BoJ intervention. fighting a tiger with wooden sword.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.