British pound plunges to lowest point since 1985 versus USD [Video]

Eliman Dambell Sayvio AI

Sterling plunges to lowest point since 1985 versus USD

Sterling slipped to its lowest level since 1985 on Wednesday, as markets continued to react to the country’s new Prime Minister.

Liz Truss won the conservative leadership battle this week, securing her slot as the newPM, following Boris Johnson’s resignation.

Inflation in Britain is at its highest level in decades, with many fearing a recession in coming months, as we head into winter.

Some remain skeptical of Truss, and her potential ability to drag the country out of this crisis, due to her relative lack of experience.

GBPUSD fell to a low of 1.1405 in today’s session.

Oil prices fall to 7-month low

Crude oil prices tumbled in today’s session, as prices slipped to their lowest level since February.

The decline comes as the EU stated that it would look to potentially cap prices on Russian gas.

In response, Russian Leader Vladimir Putin said that his nation would cut all supplies to Europe if such action is taken.

He stated that, "We will not supply gas, oil, coal, heating oil - we will not supply anything" .

Despite this threat, which would immediately impact supply, WTI crude fell to a low of $82.37 earlier in the day.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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