Stock Market Today: Futures Fall; Bond Yields Hold Near Highs
One year ago today, the British pound appeared headed for the once-unthinkable: parity with the U.S. dollar. Sterling dropped to $1.035—its lowest level ever
The British pound was on the verge of parity with US dollars a year ago.
The sterling fell to $1.035, its lowest ever level, in the early morning hours of September 26 as Asian financial centers opened trading. Investors were worried that the currency would breach the 1-1 exchange rate.
It didn't happen. As European and U.S. traders came online, the pound stabilised throughout the day.