On Monday, the world's oldest fiat currency, the British pound sterling, slid to an all-time low against the U.S. dollar. Economics Finance
Fiat currencies weakening relative to the U.S. dollar. January – September 2022.While Asian markets were in full swing the pound sterling 1.0327 nominal U.S. dollar low saw the United Kingdom’s currency plunge by 4.85%. After the rebound, the pound is up 0.12% today to $1.0826 per unit, as a great number of fiat currencies have seen losses against the greenback. The euro is down 0.51%, the Japanese yen has lost 0.53%, and the Canadian dollar is down 0.71% on Monday.
There’s been a number of factors pressing the pound sterling down and a great deal of pressure stems from the Ukraine-Russia war and the discrepancies between central bank rate hikes across the globe. The pound started to nosedive during the first quarter of 2022, as did a number of fiat currencies at the start of the Ukraine-Russia war.
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