GBP Tracks Euro: Pound-Dollar Exchange Rate Hits All-Time Low
Reaching GBP 1 = USD 1.04, the pound crashed, marking an all-time high against the US dollar following the budget announcements by the new Prime Minister.
New
The British pound fell to an all-time low against the US dollar. In a flurry of overnight trading activity, the pound hit lows of 1 pound = $1.04. It has lost 5% of its value in a spiral.
The sovereign currency of the United Kingdom, the pound sterling, is the world's oldest currency still in use today. It is currently hanging above the USD-pound parity, since regaining $0.03, rebounding to 1 pound = $1.07.
Source : GoogleThe pound has been falling steadily against the USD since 2007 and the ensuing financial crisis. While it has lost 20% of its value this year, it has lost half of its value against the dollar over the past 20 years.
The deputy leader of Labor, the opposition party to the government, was quick to compare the pound to bitcoin. In a tweet, Angel Raynor criticized the Conservative Party or "Tories", blaming their handling of the economy for the fall in the pound.
It's not Bitcoin. It's the British pound.
The Conservatives are playing recklessly - not with their own money - but with ours. pic.twitter.com/qTzpzEL4pg
— Angela Rayner (@AngelaRayner) September 26, 2022Commentators such as Erik Voorhees, CEO of ShapeShift, were quick to take an interest in the pound as its purchasing power plummeted. Voorhes also suggested, like Raynor, that the pound is now more volatile than Bitcoin (BTC). In numbers, Bitcoin is down 50% against the pound this year, but up 2% today and 9% last week.
The drastic fall in the value of the pound is largely due to last week's budget announcements. The Financial Times
Reaching GBP 1 = USD 1.04, the pound crashed, marking an all-time high against the US dollar following the budget announcements by the new Prime Minister.
New
The British pound fell to an all-time low against the US dollar. In a flurry of overnight trading activity, the pound hit lows of 1 pound = $1.04. It has lost 5% of its value in a spiral.
The sovereign currency of the United Kingdom, the pound sterling, is the world's oldest currency still in use today. It is currently hanging above the USD-pound parity, since regaining $0.03, rebounding to 1 pound = $1.07.
Source : GoogleThe pound has been falling steadily against the USD since 2007 and the ensuing financial crisis. While it has lost 20% of its value this year, it has lost half of its value against the dollar over the past 20 years.
The deputy leader of Labor, the opposition party to the government, was quick to compare the pound to bitcoin. In a tweet, Angel Raynor criticized the Conservative Party or "Tories", blaming their handling of the economy for the fall in the pound.
It's not Bitcoin. It's the British pound.
The Conservatives are playing recklessly - not with their own money - but with ours. pic.twitter.com/qTzpzEL4pg
— Angela Rayner (@AngelaRayner) September 26, 2022Commentators such as Erik Voorhees, CEO of ShapeShift, were quick to take an interest in the pound as its purchasing power plummeted. Voorhes also suggested, like Raynor, that the pound is now more volatile than Bitcoin (BTC). In numbers, Bitcoin is down 50% against the pound this year, but up 2% today and 9% last week.
The drastic fall in the value of the pound is largely due to last week's budget announcements. The Financial Times
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