Technical Recession Looms for Brexit Britain, Warns Owen
The big question for pound traders may have been answered, but the outlook for the currency is murkier than ever. Sterling dropped 2.3 percent to $1.3360 at 9:50 a.m. in London on Monday. That added to an unprecedented 8.1 percent tumble on Friday, which was almost double the 4.1 percent decline on Black Wednesday in 1992, when the U.K. was forced out of Europe’s exchange-rate mechanism. Gains in U.K. government bonds pushed the 10-year gilt yield below 1 percent for the first time, the FTSE 100 Index of stocks slid 1.3 percent, and Barclays Plc and Royal Bank of Scotland Group Plc fell more than 10 percent. Jefferies International Chief European Economist David Owen discusses with Bloomberg's Francine Lacqua on "The Pulse."
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