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Currency traders talk near screens showing foreign exchange rates between British pound/the U.S. dollar and euro/the U.S. dollar at a foreign exchange dealing room in Seoul, South Korea, Friday, June 24, 2016.
HONG KONG >> The pound slumped to its lowest in more than three decades on Friday as results on Britain’s referendum on European Union membership showed that the “leave” side had won.
Uncertainty over the vote results had sent the currency on a wild ride. Just after polls closed, it rose to its highest point for the year of $1.50. About six hours later it tumbled more than 10 percent to $1.3230, which was its lowest level in 31 years.
The whipsaw trading was part of broader turmoil in global financial markets sparked by the vote as results showed that voters had favored quitting the EU. Stock markets and oil prices also plummeted.
In other currencies, the yen strengthened as investors sought safety in the currency, which is considered a haven. It briefly broke through the 100-yen mark to as low as 99.01 against the dollar, its strongest since November 2013. The dollar was recently trading at 101.46 yen, down from 104.80 yen in late trading Thursday.
The euro weakened to $1.0955 from $1.1318.
Congrats to the Brits…Failed Obama immigration policies are erasing EU Identities!!!
I think the Brits realized this could be their last opportunity to bolt, seeing as the globalist agenda is to pad the polls with refugees. And not a moment too soon.
Bravo Britain you have done honor to your forefathers.
Congrats, Brits. Brits are tired of being forced by the EU to allow mass immigration of unwanted people, especially Arabs and others adhering to un-british foreign life attitudes, fascist radical religions, and hostile cultures. Many people in other European countries feel the same way but are not allowed to vote on an exit from the bureaucratic dictatorship in Brussels.