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.
Sterling surged from 1.1074 against the Euro on the 1 November to 1.1286 by midday Saturday before falling slightly to 1.237.
It was, however, far below levels seen pre-referendum.
Article source: http://www.huffingtonpost.co.uk/2016/11/08/pound-to-euro-exchange-rate_n_12875492.html?utm_hp_ref=uk-politics&ir=UK+Politics