Monday, 16 January 2017

GBP/USD exchange rate close to its lowest level for thirty-two years.

Today has seen the GBP/USD cross fall below $1.20 for the first time since Octobers flash crash, adding to the losses we witnessed last week.


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The move this morning means the pound has now lost around six per cent against the U.S. dollar since the beginning of December, and leaves the currency pair within touching distance of the lowest levels we have witnessed for nearly thirty-two years.


GBP/USD graph


Why has the pound fallen again?

The pounds value has been hit as concerns continue to mount ahead of Prime Minster Theresa Mays speech tomorrow. It is widely expected that May announce the UK is heading towards a "hard Brexit", which will see Britain give up its access to the single market.

Giving up access to the single market is a major concern for investors, as it could damage the immediate future of the UK economy, and those fears will have increased after Finance Minister Phillip Hammonds comments over the weekend.

In an interview with a German newspaper Hammond said "If we have no access to the European market, and Britain were to leave the European Union without an agreement on market access, then we could suffer from economic damage at least in the short term,"


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