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GBP Drops After Scottish Yes Vote Takes Poll Lead

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The pound has fallen to its lowest level in 10 months amid uncertainty about Scotland’s future within the UK.

The currency fell 1% against the dollar in early trading to $1.6159, and also fell almost 1% against the euro to 1.2480 euros.

It came after a YouGov poll suggested supporters of an independent Scotland had taken a narrow lead in the referendum debate for the first time.

Just a week ago sterling was trading at $1.66 against the US dollar.

Shares in Scottish-based firms dominated the top fallers on the stock market. Edinburgh-based Standard Life fell 3%, Royal Bank of Scotland slipped 2.4% and Lloyds Banking Group, which owns Bank of Scotland and Scottish Widows, dropped 2.7%.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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