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THE POUND JUST DROPPED TO A 30-YEAR LOW www.businessinsider.com
The British pound is getting destroyed.
The currency dropped by over 11.0% to a low as 1.3239 against the dollar around 12:30 a.m. ET (5:30 a.m. BST) after BBC called Leave.
That's a 30-year low.
The huge drop in the pound comes after BBC, Sky News, and ITV all called a Brexit.
"The usual caveats exist about liquidity but these moves are concerning and bring back pretty painful memories of 2008," Jeremy Cook, chief economist at the international payments company, World First, said in an emailed statement to Business Insider earlier in the evening.
"GBPUSD didn't have this bad a day in the Global Financial Crisis and the moves by the bookies to price Leave as the favourite is killing the pound. News from Wales is the most concerning at the moment alongside the London turnout dynamics.
Notably, the Japanese yen - a safe-haven currency that investors dive into when things get rocky - was up by 15.2% against the British pound at 133.92 per pound as of 11:47 p.m. ET (4:47 p.m. BST)
Published Date:2016-06-24
