When news of a second Referendum broke on March 13, sterling initially dipped, but quickly recovered any lost ground to finish the week at one month highs. Tuesday’s announcement that Holyrood would call a second referendum barely impacted the currency. The invoking of Article 50, however, saw a fluctuation between losses and small gains, with the pound trading at $1.239 by late Wednesday night.
The pound tumbled at the Asian open and has remained weak during the early part of the European session today.
Global equity market are euphoric today after Scotland’s populace rejected independence and Alibaba’s highly-anticipated IPO, which is priced to be the largest public offering of all-time at $21.8 billion.
Currency traders are betting that Scottish nationalists’ bid for independence will fail today.
The U.K. economy is ready for battle.
Panic on the streets of London: Can Scotland ever be the same again?
If Scotland votes to exit the UK on September 18 the ramifications for GBP will be profound leaving the currency vulnerable to heightened volatility thanks to the ensuing uncertainty.
Scotland’s Macallan whiskey distillery is set to get most of its heat requirement from a combined heat and power plant part-funded by the government.
An independent Scotland would have a banking system too big to save in the event of a crisis, the U.K. Treasury said.