‘Black Wednesday’ was 30 years ago — What the British pound has done since then ...

[a a]

\"Commentators were emphasizing the historic echoes three decades later as the British pound extended its stumble well below its September 1992 lows on Friday, sliding below $1.14 versus the U.S. dollar GBPUSD, -0.08% to trade at its weakest since 1985. This time around, however, there were no hedge-fund billionaires or arbitrary exchange-rate straitjackets to blame.

See: British pound below $1.14 for the first time in 37 years as the U.S. dollar’s rally continues

Sterling is sliding as investors brace for a deep U.K. recession and the U.S. dollar DXY, -0.09% remains on a tear versus major rivals around the world.\\

https://www.marketwatch.com/story/black-wednesday-was-30-years-ago-what-the-british-pound-has-done-since-then-11663352027?mod=mw_quote_news

 

[Anthony William Sloman]

On Sunday, September 18, 2022 at 6:34:28 AM UTC+10, a a wrote:

\"Commentators were emphasizing the historic echoes three decades later as the British pound extended its stumble well below its September 1992 lows on Friday, sliding below $1.14 versus the U.S. dollar GBPUSD, -0.08% to trade at its weakest since 1985. This time around, however, there were no hedge-fund billionaires or arbitrary exchange-rate straitjackets to blame.

See: British pound below $1.14 for the first time in 37 years as the U.S. dollar’s rally continues

Even by a a\'s absymal standards, this is pretty stupid.

Black Wednesday was a consequences of Margaret Thatcher\'s daft decision to tie the British pound the Euro, and the current decline in the pound has more to do with the even dafter decision that took the UK out of the European Union.

About the only common factor is that the UK Conservative party has a long tradition of screwing up the British economy by going for decisions that they find attractive mainly because they don\'t understand what the actual consequences are going to be.

Sterling is sliding as investors brace for a deep U.K. recession and the U.S. dollar DXY, -0.09% remains on a tear versus major rivals around the world.

https://www.marketwatch.com/story/black-wednesday-was-30-years-ago-what-the-british-pound-has-done-since-then-11663352027?mod=mw_quote_news

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Bill Sloman, Sydney