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American Students in London Become Accidental Currency Traders
Recent arrivals to British universities are finding their studies suddenly discounted. It’s the opposite for alumni holding dollar debt.
WATCH: Pound Still `Extremely Vulnerable,' Rabobank Says
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The sudden slump in the British pound is creating winners and losers in higher education.
Sterling has plunged to record lows against the dollar in recent days, with the crash made worse by the new UK government’s plans for the most sweeping tax cuts since 1972. The fallout has been steep and swift, with bond yields surging, home sales collapsing and the Bank of England on Wednesday pledging unlimited purchases of bonds on concerns of an imminent crash.