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Wild swings for pound as EU vote results announced Pound falls heavily as EU vote results come in
(35 minutes later)
The pound has swung wildly as traders reacted to the latest results from the UK's referendum on EU membership. There has been a dramatic fall in the value of the pound as traders react to the latest results from the UK's referendum on EU membership.
At one stage it hit $1.3477 - a low not seen since 1985.
Before the results started to come in the pound rose as high as $1.50, as traders bet on a Remain victory.Before the results started to come in the pound rose as high as $1.50, as traders bet on a Remain victory.
But after strong Leave votes in Sunderland and Newcastle it tumbled to $1.43 and then took another dive at around 02:00 BST to $1.41. But following early strong Leave votes in north-east England it tumbled to $1.43 and then took another dive after 03:00 BST as Leave maintained its lead.
Traders say they haven't seen such dramatic moves since the financial crisis of 2008. Currency traders say these moves are more extreme than those seen during the financial crisis of 2008.
"These moves are concerning and bring back pretty painful memories of 2008," said Jeremy Cook, chief economist at World First. "Never seen anything like it. These are once-in-a-lifetime moves, bigger than Lehmans and Black Wednesday, and we haven't even had the result yet," said Joe Rundle, head of trading at ETX Capital.
"The pound didn't have this bad a day [against the dollar] in the global financial crisis and the moves by the bookies to price Leave as the favourite is killing the pound. News from Wales is the most concerning at the moment alongside the London turnout dynamics," he added. "It's looking more and more like a Leave win and these massive moves in sterling and stocks will only get bigger if that is the case," he added.
A short while ago the pound had recovered to $1.4442.
Around midnight sterling had risen to $1.50 after leading Leave campaigner Nigel Farage said it looked as though Remain had "edged" the vote.Around midnight sterling had risen to $1.50 after leading Leave campaigner Nigel Farage said it looked as though Remain had "edged" the vote.
EU Referendum ResultsEU Referendum Results
EU Referendum live pageEU Referendum live page
Analysts warn that the moves have been amplified by thin trading.
"'Volumes are very low and markets are relatively illiquid. Traders are very jittery, it's not just in sterling," said Jeremy Stretch from CIBC."'Volumes are very low and markets are relatively illiquid. Traders are very jittery, it's not just in sterling," said Jeremy Stretch from CIBC.
Last week the pound fell as low as $1.40 as traders tracked polls suggesting a flagging Remain campaign.Last week the pound fell as low as $1.40 as traders tracked polls suggesting a flagging Remain campaign.
As for shares, the markets are pointing to a 8% slump when the FTSE 100 opens on Friday.
In Tokyo the Nikkei 225 has fallen by more than 6%.
Farage: We'll win whatever happensFarage: We'll win whatever happens
In pictures: UK votes in referendumIn pictures: UK votes in referendum
Key moments in the referendum campaignKey moments in the referendum campaign
EU Referendum: Decision timeEU Referendum: Decision time
Top four pound moves post World War IITop four pound moves post World War II
Source Bank of New York MellonSource Bank of New York Mellon
Shares higherShares higher
Earlier the FTSE 100 closed 1.2% higher to a two-month high of 6,338.1 points, with miners, banks and travel firms rising.Earlier the FTSE 100 closed 1.2% higher to a two-month high of 6,338.1 points, with miners, banks and travel firms rising.
Wall Street also jumped in late trading, with the Dow Jones and S&P 500 both closing 1.3% higher.Wall Street also jumped in late trading, with the Dow Jones and S&P 500 both closing 1.3% higher.
European markets earlier added to the optimism, with the Dax in Frankfurt and the Cac 40 in Paris rising 1.8% and 2% respectively.European markets earlier added to the optimism, with the Dax in Frankfurt and the Cac 40 in Paris rising 1.8% and 2% respectively.
Brent crude rose sharply in late trading to end the day 2.1%, or $1.03 higher at $50.91 a barrel, while US crude added 98 cents to $50.11.Brent crude rose sharply in late trading to end the day 2.1%, or $1.03 higher at $50.91 a barrel, while US crude added 98 cents to $50.11.
Higher oil prices bolstered shares in Shell, which closed up 3.1% in London, while BP was almost 1% higher.Higher oil prices bolstered shares in Shell, which closed up 3.1% in London, while BP was almost 1% higher.
Thursday winnersThursday winners
The biggest riser on the London market was British Airways owner IAG, whose shares rose 3.6% to 528p as traders expected aviation to be helped by a remain vote.The biggest riser on the London market was British Airways owner IAG, whose shares rose 3.6% to 528p as traders expected aviation to be helped by a remain vote.
London Stock Exchange Group ended 3% higher as its £21bn merger with Deutsche Borse looked more certain of going ahead.London Stock Exchange Group ended 3% higher as its £21bn merger with Deutsche Borse looked more certain of going ahead.
Saxo Bank's head of FX strategy, John Hardy, said: "Everybody is a bit shell-shocked at the way the market has moved so aggressively (toward the UK remaining in the EU).Saxo Bank's head of FX strategy, John Hardy, said: "Everybody is a bit shell-shocked at the way the market has moved so aggressively (toward the UK remaining in the EU).
"If you are stuck with a short position, you are being forced out without even knowing the result, but what this also means is that a Brexit result is now a catastrophic risk.""If you are stuck with a short position, you are being forced out without even knowing the result, but what this also means is that a Brexit result is now a catastrophic risk."