Initially, last Friday morning, the British Pound declined by 12% between a midnight high of $1.50/GBP (when a victory for the “Stay” campaign was seen as the likely outcome), to $1.32/GBP a mere 6 hours later when the referendum outcome became apparent. Some shares were sold aggressively, such as Barclays PLC which was soon down some 30% and financial markets were littered with red screens and turmoil everywhere. The Rand/US$ mimicked the Pound’s move and fell from R14.40/$ to R15.60/$ in 6 hours. (more…)
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