
Pound Plunge: Don’t Blame Kwasi
There was no ‘crash’ of the pound. The big rate increase by the Federal Reserve simply created an irresistible opportunity for investors to make some good money, and do it safely.
There was no ‘crash’ of the pound. The big rate increase by the Federal Reserve simply created an irresistible opportunity for investors to make some good money, and do it safely.
The pound dropped to as low as $1.0327 on Monday, an 8% fall that started on Friday, September 23, following new Finance Minister Kwasi Kwarteng’s unveiling of historic tax cuts.
At $1.0943 per euro on March 14th, the dollar stood at its strongest against the European currency since April 2019.