Pound Dives Down To Less Than 1% Against US Dollar
September 29, 2022
7:48 pm
It is not the best of times for the British pound as it has reportedly sunken on Thursday by more than one percent against the United States dollar after the sudden move by the Bank of England to fully intervene on some of the the bond markets to head off a fresh financial catastrophe.
The Pound Sterling had also slid as low as $1.0763 in the early morning of Thursday as London deals one day after the BoE had snapped up its long-dated government bonds, or gilts, to prevent a material risk to stability.
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