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
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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.
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'."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments