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Main » 2016 » February » 24 » The pound traded below $ 1.40 as traders prepare for the worst
The pound traded below $ 1.40 as traders prepare for the worst

On Wednesday, the British pound fell below $ 1.40, the lowest level since March 2009, while the alarm indicator on the foreign exchange markets shows that traders are preparing for even greater currency fluctuations. 



Twenty-nine of 34 economists who participated in the Bloomberg survey, argued that in the period of a week before the referendum on Britain's membership in the EU British currency fall to $ 1.35 or even below - the lowest figure since 1985.

"The vulnerability of the pound will go beyond the political risk and the reaction to the outcome of the vote and possible 'Brexit', - stated in the HSBC Holdings Plc research note. - Play an important role also questions about the situation in the UK sector of trade, not least the export of financial services. The deficit of the current accounts of the UK suggests that the pound could afford any further hesitation. "

As of 9:54 am, London time, the pound fell in value by 0.7% to $ 1.3929 - the lowest figure since March 2009.British Currency shows decline against the single currency for a third day: prices fell by 0.3% to 78.82 pence per euro.

According to HSBC projected currency could fall another 20%, if the majority of people in the UK will vote for it to come out of the EU structure. Morgan Stanley analysts predict a depreciation of the currency to $ 1.30 by the end of the year, regardless of the referendum outcome.

HSBC also believes that the UK currency will reach parity with the euro, if the country leaves the single market in the world's largest.

The indicator showing the difference between implied and realized volatility of the exchange rate of the pound-dollar during the next six months, peaked at 5.3% in October 2008.


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