The Pound Sterling is plunged on Monday, November 14, falling off recent highs, following the firming up of the dollar.
Around 3.50 p.m. GMT (10.50 a.m. ET) sterling dropped lower by roughly 1% against the greenback, dropping back under the psychologically significant $1.25 mark on the day, Business Insider reports.
Sterling charged higher on Friday, reaching its highest level since the “flash crash” that caused a massive drop in the currency’s value in early October, but it has now all but erased those gains after US bond yields surged in overnight trade, pushing the dollar upwards.
The pound had been steadily climbing in the past week or so, buoyed by the High Court’s ruling that parliament must be given a vote on the triggering of Article 50, as well as an initial slide in the dollar after the shock election of Trump, which has now reversed.
By contrast, the pound has actually gained a little on the euro on Monday, up roughly 0.5% on the single currency. Here is the chart:
The euro’s recent struggles are continuing on Monday, with the single currency falling to its lowest level since January against the dollar, extending its run of losses.
