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
Comments

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'."

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in