Daily News | British pound dropping heavily

Hello and welcome once again to our daily news. As always, a lot of things are happening in the world of finance despite the week drawing to a close. The most important news comes from Great Britain where the pound has dropped by more than 0.5 percent and reached $1.2861. The British pound hasn’t dropped this much in more than three week and this is yet another consequence of the disastrous Manchester bombing. It is also interesting to note that the ruling Conservative Party is seeing its lead shrink just two weeks before the parliamentary elections. It’s going to be a very tight race, but you can be sure we will be covering all the most important info and keep watching how the British pound behaves. In other news, OPEC decided to prolong its production cut all the way to March next year. This caused a lot of concern in Asia because many countries over there are running low on crude oil. Additionally, financial investors were not too pleased with this decision either, as the oil futures market suffered substantial blows. This is also affecting the refiners who still do not know whether or not they’ll have to find new supply methods. It will be interesting to see how things develop, so make sure you come back to us next week for more business-related news.

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Author: Max Rothstein

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