Pound Sterling Slumps Against US Dollar

The British Pound Falls Strongly

After what most market commentators perceive as an awful week for the UK economy, the Pound Sterling crashed around 10% overnight, before climbing back to around 5% down versus the US dollar.

The cause of this mayhem was the Bank of England raised interest rates by half a percentage point, seen as too little too late, and the UK government cutting taxes in an inflationary environment!  Continue reading