British pound plummets day after Boris backed ‘Brexit’
- 8 years ago
A day after London Mayor Boris Johnson threw a bombshell into British politics by backing a British exit from the European Union, the financial world felt the ricochet Monday as the pound plunged in value.
As of mid-day in London, the British currency had experienced a more than 2 percent drop against the dollar, reaching its lowest level in seven years.
The sell-off of the pound sterling came as markets reacted to a move that analysts say has raised the odds that Britain will vote to leave the 28-member club when the country votes in a June referendum.
“Sterling seems to have fallen off the Boris cliff this morning,” wrote Ranko Berich, head of market analysis at Monex Europe, in a briefing note.
“This could be just the start of the great Brexit Selloff of 2016.”
As of mid-day in London, the British currency had experienced a more than 2 percent drop against the dollar, reaching its lowest level in seven years.
The sell-off of the pound sterling came as markets reacted to a move that analysts say has raised the odds that Britain will vote to leave the 28-member club when the country votes in a June referendum.
“Sterling seems to have fallen off the Boris cliff this morning,” wrote Ranko Berich, head of market analysis at Monex Europe, in a briefing note.
“This could be just the start of the great Brexit Selloff of 2016.”