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RE: Pound Drops to Lowest Since 1985 as Angst Builds Over Brexit...!!
The pound hit a 31-year low against the dollar on Tuesday as British Prime Minister Theresa May insisted on the necessity to set out a timetable for the U.K. to trigger Article 50 and proceed with negotiations to leave the European Union (EU).
“"I want to give people more certainty so we will see a much smoother process as we enter those negotiations," she told viewers in an ITV (LON:ITV) interview.
The interview came after May promised on Sunday that Article 50 would be triggered by the end of March 2017.
GBP/USD hit an intraday low of 1.2737 during European morning trade, the pair subsequently pared losses after an upbeat reading of construction sector activity at 1.2754, declining 0.63% at 6:04AM ET (10:04GMT).
Source: investing.com
The UK is in challenging Financial times and most people are simply hypnotized by the FTSE hitting all time highs. This is a serious problem. It's a rally funded by DEBT, DERIVATIVES, STIMULUS, CORPORATE BOND PURCHASES..!! Dangerous times. Stephen
Agreed, same here with the Dow..
Oh, and man oh man the bonds, whoa... That's a problem looking for a war to blame....
Thanks for your work Stephen. It is at least waking up a few folks :)
Likewise. Keep up the good work. Always great to read your blog. Stephen
What are you building?
"The UK construction PMI jumped to 52.3 from 49.2. The Bloomberg median anticipated further weakness."
http://seekingalpha.com/article/4009933-sterlings-slide-continues-greenback-broadly-bid
No idea..!! Nothing..!! The only thing the UK is building is a roller coaster for the FTSE..!!