Pound drops to a new 31yr low against US dollar

October 6, 2016

The Conservative Party conference came to a close yesterday on the same day that the pound sterling hit a 31 year low against the US$.

Sterling remained under major pressure as £ dipped under US$1.27 for first time since 1985 & fell to 5-year low against the euro (euro 1.133/£)

Earlier in the week the pound sterling reacted to Theresa May’s declaration on Sunday that Article 50 would be triggered by the end of March next year,  the pound moved down to a new 31-year low against the dollar.

The Chancellor Philip  Hammond will be in New York (Wall Street)  today to reassure US banking giants that  he will be pushing for a deal with the EU ‘post Brexit’ that will continue to guarantee good access to European markets for the financial services sector, he will empahsise that he will  do everything he can to ensure the City of London retains its position as the world’s leading international financial centre.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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