Pound To Euro Exchange Rate Falls As Trump Pulls Ahead In US Presidential Election

Karl Schamotta, director of FX research and strategy at Cambridge Global Payments, told Reuters: “Shock and awe in the FX markets. We’re having painful flashbacks to Brexit — no one is entirely sure where the bottom is at the moment, so most participants are in a ‘sell first, ask questions later’ mood.”

On the plus side for Brits, the pound along with pretty much every other currency soared against the peso so Mexico wouldn’t be a bad choice for some winter fun.

Asian stocks also tumbled after trading opened Wednesday morning, The Associated Press reported. 

Trump has said he would renegotiate the North American Free Trade Agreement, which includes Mexico, and take a harder line against China and other Asian trading partners.

The Euro’s fall cancels some of the gains made last week as it rallied with news of the High Court ruling on Article 50.

Sterling surged from 1.1074 against the Euro on the 1 November to 1.1286 by midday Saturday before falling slightly to 1.237.

The rise was prompted by the High Court decision that Theresa May must consult Parliament before triggering Article 50.

It was, however, far below levels seen pre-referendum.

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