British Pound Hits Record Low Against Dollar

Posted on AllSides September 26th, 2022
From The Center
Banking and Finance, British Pound, US Dollar
Source: Tullett Prebon

The British pound hit its lowest-ever level against the U.S. dollar Monday, dropping heavily after the U.K. government announced a series of tax cuts on Friday, before later paring losses.

The currency touched $1.0349 during Asian trading hours Monday, breaking through its previous record low in 1985. The pound was recently trading at $1.0776.

The currency sold off dramatically after U.K. Chancellor of the Exchequer Kwasi Kwarteng unveiled a massive tax-cutting package Friday, which will be paired with subsidies for households and businesses.

"I'm always calm," Mr. Kwarteng said Monday. "Markets move...

Read full story
Some content from this outlet may be limited or behind a paywall.

Wall Street Journal (News)

AllSides Media Bias Rating: Center
AllSides Media Bias Rating: Center
See full bias rating for Wall Street Journal (News)
Learn about media bias

More News about Banking and Finance from the Left, Center and Right

From the Left

From the Center

From the Right