The British pound on Friday crashed to its lowest level against the U.S. dollar since 1985 –– hitting $1.13 in the early hours of London trading.
Sterling GBPUSD plummeted to a 37-year low after U.K retail sales dropped sharply by a bigger-than-expected 1.6% between July and August, driven by rising prices and the cost of living, the Office for National Statistics reported on Friday. The pound was recently down 0.8% at $1.1380. When central banks aggressively raise rates to squeeze financial conditions, “one of the only places to hide is in USD cash,” said a team of analysts led by Jamie Fahy.
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