The British pound plummeted to a record low against the dollar -- spurring predictions it could plunge to parity with the US dollar in the coming months.
The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US dollar in the coming months. The unprecedented currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday that the United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending.
The soaring US dollar also sent major Asian currencies tumbling on Monday. Asian markets and currencies crack China’s yuan slid 0.5% on the onshore market to the lowest level in more than 28 months. The offshore yuan fell 0.4%. The rapid declines prompted the People’s Bank of China to impose a risk reserve requirement of 20% on banks’ foreign exchange forward sales to clients, starting Wednesday.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sterling hits record low against the dollar, as Asia-Pacific currencies also weakenSterling hits record low against the dollar, as other Asia-Pacific currencies weaken
Read more »
Forex Today: British pound melts, dollar rally continuesHere is what you need to know on Monday, September 26: The US Dollar Index picked up where it left off last week and surged to its highest level since
Read more »
Pound slumps against dollar amid UK recession fearsSterling has crashed as low as $1.0350 as Asian markets opened to trade while some analysts warn it could sink to parity with the greenback.
Read more »
Hawaiian fisherman Michael Matsunaga catches 26-pound octopus, breaks brother’s recordMichael Matsunaga’s catch broke the record for the largest octopus caught in Hawaii at 25 pounds.
Read more »
Gordon Monson: Utah football carries an aspiring champion’s burdenGordon Monson: 'Actualizing what was predicted this season for Utah football has become, at least in its totality, a weight for it to carry. That’s the burden potential conference champions are required to haul.'
Read more »