Pound falls to all-time low against dollar in early Asian markets and oil, gold are steady after weekend crash
The pound plunged to a record low against the dollar as traders grow increasingly fearful of a deep UK recession after new finance minister, Kwasi Kwarteng, unveiled a controversial tax-cutting mini-budget.
Investors began dumping the pound on Friday after Kwarteng, who was put in place by Liz Truss after she became prime minister earlier this month, set out plans to slash taxes in a bid to kickstart the ailing British economy. "You've got to buy the dollar as a risk off-trade. There is nowhere else to go," said Rabobank strategist Michael Every in Singapore.
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