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Daily Range of British Pound Now Surpasses Black Wednesday 1992

Posted: Thu Jun 23, 2016 1:59 am

The Brexit vote tally continues shaking the foreign exchange market with hectic trading continuing in very illiquid markets. After an initial rally to just above 1.5015 the British pound has dropped against the U.S. dollar to a low of just above 1.3970. This daily swing represents a move of over 7.4 per cent and is the biggest ever on record.

To put this into perspective, back in 1992, when George Soros was dubbed as “the man who broker the Bank of England”, the total daily range was “merely” 6.52 per cent. At the time Soros led a speculative effort that identified potential ... (read more)