Pound drops to $1.15 in two-year low

negative sentiment across UK market

Elliot Gulliver-Needham
clock • 1 min read

The pound has fallen to a fresh 29-month low against the dollar, falling to $1.15, as concerns about an upcoming UK recession and political uncertainty hit the currency.

It is only the drop at the start of the pandemic that caused this dip to not be a 37-year low. The currency briefly dropped below $1.15 before recovering slightly throughout the rest of the day. The pound has continued dropping recently, with August losses that were its worst since late 2016. Yesterday also saw most major stock markets down, with the FTSE 100 hitting a six-week low as it fell 1.9%. Germany's Dax index fell 1.6% while France's CAC 40 fell 1.5%. Various poor economic news was released recently, causing negative sentiment in the UK across the entire market. A Bank ...

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