1 pound does not equal 1 pound? The United Kingdom's currency looks like a rug pull, falling to a record low against the dollar.
The Great British pound sterling has fallen to the lowest level ever against the United States dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound=$1.04. It lost 5% of its value in a spiral.
The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound=$1.07.The pound has been on a steady decline against the USD since 2007 and the subsequent financial crisis. While it has lost 20% of its value this year, it has lost half of its value against the dollar over the past 20 years.
In light of the sudden plunge in the U.K.’s purchasing power, commentators such as Erik Voorhees, CEO of ShapeShift, have
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