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Pound hits record low versus dollar, markets hit by recession fears

The pound fell to a record low against the dollar on Monday as investors worried about the UK economy after the government unveiled a massive tax-cutting budget.infomation guide nigeria

The sell-off occurred as equity markets in Asia and Europe fell once more, owing to a growing fear that central bank interest rate hikes to combat runaway inflation would lead to deep and painful recessions. Oil was also heavily sold.

Several countries, including the United States, the United Kingdom, Switzerland, and Sweden, announced additional increases in borrowing costs.jamb result

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The moves sent equity markets back into the red after officials reiterated their commitment to fighting inflation, even if it means causing a recession.

“The pound’s crash is showing markets have a lack of confidence in the UK and that its financial strength is under siege,” said Jessica Amir, of Saxo Capital Markets.

“The pound is a whisker away from parity and the situation is going to only worsen from here.

Check and Confirm: How much is Dollar to Naira    Pounds to Naira today

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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