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Sterling Collapses To All-Time Low As New Fiscal Plan Spurs Investor Exodus
Sterling plunges to all-time low as fiscal plan spurs investor exodus Sterling tumbled to a record low on Monday as traders scampered for the exits on speculation the new government's economic plan will stretch its finances to the limit. Europe's shared currency also touched a fresh 20-year trough to the dollar on simmering recession fears, as the energy crisis extends toward winter amid an escalation in the Ukraine war. A weekend election in Italy was also set to propel a right-wing alliance to a clear majority in parliament. "Sterling is getting absolutely hammered," said Chris Weston, head of research at Pepperstone. The dollar index was 0.76% higher at 114, and earlier reached 114.58 for the first time since May 2002. Elsewhere, the risk-sensitive Australian dollar slipped as low as $0.6487 for the first time since May 2020, before last trading 0.1 per cent weaker at $0.6524. Source: NDTV
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