FTSE and Sterling tumble as Brexit approaches
Duncan Richardson, News Editor
13 Jun 2016, 1:56 p.m.
Investors are holding their breath as global markets retreat and the pound plummets as concerns grow the UK will vote to leave the Eurozone. Sterling has fallen to an 8-week low against the U.S. dollar and a three year low against the Japanese Yen as investors flee the pound for less risky assets. Traders are alarmed by recent poll data pointing to a surge in popularity for the Leave campaign.
Overnight stock markets fell across Asia compounding last week’s losses. The Japanese Nikkei plummeted 3.5% and the market in Hong Kong dropped 2.55%. Brussels are worried if Britain leave the Eurozone other members will be quick to follow causing the eventual breakup of the 28 member Eurozone.
As global markets jitter the gold price has broken through £900 per ounce to a 3 year high. Silver has advanced 7.16% in the last week to £12.21 per ounce.