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| Brexit: Pound sterling plunges to 31-year low amid fears over EU referendum result | |
| (about 1 hour later) | |
| Fears of Brexit have pushed the value of the pound to its weakest level against the dollar in 31 years. | Fears of Brexit have pushed the value of the pound to its weakest level against the dollar in 31 years. |
| Market expectations that the UK is on the verge of voting to leave the European Union this morning sent sterling down to $1.35, depths it has not been plunged since 1985. | Market expectations that the UK is on the verge of voting to leave the European Union this morning sent sterling down to $1.35, depths it has not been plunged since 1985. |
| Follow the latest live updates here | |
| Follow the results as they happen with our live tracker | |
| An index of betting odds compiled by Oddschecker now puts Brexit at 88 percent, up from from just 23 percent yesterday. | An index of betting odds compiled by Oddschecker now puts Brexit at 88 percent, up from from just 23 percent yesterday. |
| The pound today has already set a record intra-day swing of more than 10 per cent between its high and low points. | The pound today has already set a record intra-day swing of more than 10 per cent between its high and low points. |
| The value of the currency soared as high as $1.50 after polls released after 10pm showed a Remain lead. But that mood changed rapidly when the actual count results started to come in. | The value of the currency soared as high as $1.50 after polls released after 10pm showed a Remain lead. But that mood changed rapidly when the actual count results started to come in. |
| Analysts, including the Bank of England, have warned that the pound could fall up to 20 per cent in the wake of a Brexit vote. That would be a collapse on a similar scale to the routs following Black Wednesday in 1992, when the UK crashed out of the European Exchange Rate Mechanism, and also the 2008 global financial crisis. | Analysts, including the Bank of England, have warned that the pound could fall up to 20 per cent in the wake of a Brexit vote. That would be a collapse on a similar scale to the routs following Black Wednesday in 1992, when the UK crashed out of the European Exchange Rate Mechanism, and also the 2008 global financial crisis. |
| Meanwhile, FTSE 100 Index future derivatives - which give an indication of where the stock market will open at 8am - have slumped 6.1 per cent. | Meanwhile, FTSE 100 Index future derivatives - which give an indication of where the stock market will open at 8am - have slumped 6.1 per cent. |
| US stock-index futures are down more than 3 per cent. | US stock-index futures are down more than 3 per cent. |
| Chris Towner, chief economist at HiFX, said: “We still have a lot of votes to come, however the market cannot ignore the momentum and the reality of where the UK is heading.” | Chris Towner, chief economist at HiFX, said: “We still have a lot of votes to come, however the market cannot ignore the momentum and the reality of where the UK is heading.” |
| "[Sterling] didn’t have this bad a day in the [2008-09] global financial crisis and the moves by the bookies to price Leave as the favourite is killing the pound" said Jeremy Cook of World First. | "[Sterling] didn’t have this bad a day in the [2008-09] global financial crisis and the moves by the bookies to price Leave as the favourite is killing the pound" said Jeremy Cook of World First. |
| However, some analysts were more guarded. | However, some analysts were more guarded. |
| "A lower [pound] should not be taken as a strong sign Leave has won yet" said David Bloom of HSBC. "The probability-weighted price for Cable [sterling versus the dollar] if Leave and Remain are seen as equally likely outcomes is $1.39". | "A lower [pound] should not be taken as a strong sign Leave has won yet" said David Bloom of HSBC. "The probability-weighted price for Cable [sterling versus the dollar] if Leave and Remain are seen as equally likely outcomes is $1.39". |