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Pound tumbles to lowest level since 2016 ahead of busy day in Parliament

The Pound has slipped below the key 1.20 interbank level against the US Dollar this morning to reach its weakest level since the October 2016 ‘flash crash’, while also falling below 1.10 versus the Euro. The Pound has dropped by a cent against the US currency, declining to lows of 1.1958. Today is expected to be a crucial day in Parliament, which could see MPs against a no-deal exit try to take control of the agenda to block a disorderly Brexit. Boris Johnson has responded with threats to call a snap election if rebel MPs are successful. 

The Financial Times reported Fidelity International Portfolio Strategist, Charlotte Chan, saying: ‘Sterling has dropped since March, after a hard Brexit shifted from being a tail risk under the Theresa May administration to becoming the base case under the current government. It could fall further if the political climate worsens.’ 

With significant political uncertainty a possibility, the Pound could be facing further volatility across the board. If you’d like to speak to one of our currency specialists to protect your funds, call us on 020 7989 0000 to discuss how we can help you make smarter currency decisions. 

Interbank ranges today:

GBP/USD –1.1958 – 1.2067

GBP/EUR – 1.0930 – 1.1020

GBP/AUD – 1.7792 – 1.7998

GBP/NZD – 1.8996 – 1.9192

GBP/CAD – 1.5956 – 1.6089

GBP/ZAR – 18.2412 – 18.4063

GBP/CHF – 1.1851 – 1.1965

GBP/JPY – 126.671 – 128.248

GBP/DKK – 8.1490 – 8.2159

GBP/NOK – 10.9316 – 11.0005

GBP/SEK – 11.8003 – 11.8726

GBP/HKD – 9.381 – 9.4600

GBP/SGD – 1.6653 – 1.6795 

(Correct as of 09:05am)