Sterling slid as much as 4.7 per cent against the dollar to $1.035, hitting a record low in Asian trading on Monday after UK chancellor Kwasi Kwarteng vowed to pursue more tax cuts.
The sharp moves in sterling came early in the Asia trading session, when low trading volumes in the pound-dollar pair can exacerbate volatility. Sterling also fell as much as 3.7 per cent against the euro to €1.0787, reaching the lowest level since September 2020.
The decline against the common currency highlighted how the pound’s recent fall reflects not just the broad strength in the dollar, but concern about Britain’s economy.
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