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.
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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.”
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