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The pound has almost reached historic lows as Europe continues to be rocked by an ongoing energy crisis and the shutdown of Russia’s Nord Stream1 pipeline, with the pound nearing its record 1985 low against the dollar.
It comes as the London stock market opened in the red this morning, with the blue-chip FTSE 100 index dropping by 60 points, or 0.8%, to 7221 points.
The Sterling fell in early trading, hitting its lowest point against the dollar in almost 30 months, while the pound dropped to $1.146, its weakest point against the US dollar since 20 March 2020, and only 4 cents away from the levels seen in 1985.
It comes as financial markets across Europe have been hit by the recent shutdown of Russia’s Nord Stream1 pipeline, with the energy crisis intensifying for many countries in the run up to winter.
Against the resurgent dollar, the euro fell below 99 cents for the first time in almost 20 years, after Russian energy firm Gazprom extended the shutdown of its gas pipeline to Germany.
