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Wednesday, Oct 21, 2020

Sterling hits 35-year low against the dollar

Sterling hits 35-year low against the dollar

Sterling tanked on Wednesday against the dollar, hitting its lowest level since 1985 as investors snapped up the safe haven US currency in markets panicked by the coronavirus outbreak.
The pound initially slid about 1.9 percent to US$1.1828 according to Bloomberg data. It later stood at US$1.1463, down by over 4 percent.

"Sterling has completed one of its steepest declines in memory by hitting its weakest level since 1985, excluding... the brief dive of the October 2016 flash crash," said Markets.com analyst Neil Wilson.

"This seems to be an offloading of risky-ish pounds in favour of safer dollars."

The pound also slid 2.6 percent against the euro, with the single currency trading at 93.58 pence.

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