The pound sterling has won the title of the 2016 worst performer among 31 global currencies, Bloomberg reported on July 8. Last week, the British pound overtook the Argentine peso as the biggest loser versus the US dollar.
The British currency logged a third week of declines triggered by the UK’s decision to leave the European Union. The pound has plummeted by 13% this year.
“Sterling’s going to fall considerably further as the effects of that uncertainty on investment and growth emerge from the gloom,” Kit Juckes, a strategist at Societe Generale SA in London, stated in a note to clients. The pound sterling was trading at $1.294 on July 8 at 4:55 p.m. GMT.
The historical referendum was held on July 23. The Brexit camp won with 51.9% of votes.
