Investors sold sterling and stocks in Europe and Asia on Monday, seeking shelter in gold and the Japanese yen as uncertainty over Britain's departure from the European Union and the policies of U.S. President-elect Donald Trump curbed appetite for risk.
The heightened hard Brexit fears have triggered a steep Sterling selloff during the early trading hours of Monday with the British pound/U.S. dollar (GBP/USD) currency pair tumbling to a fresh three-month low at $1.1983.
This morning we had data from both the UK and Eurozone, while the Bank of England governor Mark Carney was speaking to a committee of MPs on UK inflation and growth outlook, and his future at the bank.
The Bank of England said today it aimed to revamp the system that underpins British banking and trading in the City of London by 2020 to boost its defenses against cyber-attacks and widen the number of businesses that can use it.
The financial system's ability to cope with Britain's vote to leave the European Union and with doubts over growth prospects show the benefits of rules introduced since the 2008 collapse of Lehman Brothers bank, a global watchdog said today.