Pound falls further in Asian markets

Pound falls further in Asian markets

Pound falls further in Asian markets

Written by Staff Writer

27 Jun, 2016 | 7:38 am

Asian stocks fell and the British pound tumbled more than 2 percent in early trade on Monday as markets struggled to shake off deep uncertainty sparked by Britain’s decision.

Sterling was down 1.8 percent at $1.3460, within shot of $1.3228 plumbed on Friday, its lowest since 1985. The pound dropped as much as 11 percent on Friday as positions betting on Britain remaining in the EU were reversed.

The pound was down 1.9 percent against the Japanese currency at 137.50 yen after reaching a 3-1/2-year low of 133.65 on Friday.

The safe-haven yen was also bullish against the dollar. The greenback was steady at 102.080 yen JPY=. The U.S. currency shed 1.8 percent last week when it weakened to as much as 99 yen, its lowest since November 2013.

The euro was down 0.6 percent at $1.1045 EUR= but some distance from $1.0912, a three-month low reached on Friday.

Meanwhile oil prices fell more than 1 percent in early trade, with international benchmark Brent futures LCOc1 down 1.3 percent to $47.80 per barrel.

Further US gold futures rose, up 1% to $1,335 an ounce.

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