Nigel Farage said the public would use the referendum to 'put two fingers up' to the political class
Nigel Farage said the public would use the referendum to 'put two fingers up' to the political class

Pound sterling: After Brexit, searches for UK currency and ‘buy gold’ surge in wake of financial chaos

Google searches for ‘pound sterling’ were at their highest ever, amid the most dramatic plunge in the currency’s value in its recent history

Andrew Griffin
Friday 24 June 2016 06:36

Google searches for “pound sterling” have surged well beyond their highest ever as people attempt to work out what is happening to their currency.

The value of a UK pound has been plunging in the wake of Britain’s vote to leave the EU. As it fell in its most dramatic drop ever, people scrambled to find out information about the currency – sending it far higher than any other point, including previous moments of high volatility.

Others searched for “buy gold”, sending the number of queries for that phrase up 500 per cent in the wake of the announcement.

Around 10 per cent was wiped off the value of the currency, sending it to a level not seen since 1985. It had initially experienced its best performance of 2016 – gains that were immediately wiped off as soon as it became clear that initial polling had been wrong.

The pound drops sharply against the dollar after early results in the EU referendum

Chris Towner, chief economist at HiFX, said: "The momentum continues for the Leave vote with the difference between Leave and Remain widening close to one million votes.

"The networks are all calling an exit vote and the likelihood of an exit gets to 95% probability. Sterling continues to suffer with GBP/USD dealing 10% lower from its high only a few hours ago.

"It just goes to show how sensitive the currency markets are, as we were trading at 1.50 only a few hours ago and now GBP/USD is trading in the 1.33s.

"Arguably the exit vote is now priced into sterling as the UK wakes up to 'Independence Day'."

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