I really thought "Remain" would win. In any case the pound is getting pounded.

[DemocratSinceBirth]

https://www.google.com/webhp?sourceid=chrome-instant&ion=1&espv=2&ie=UTF-8#q=british%20pound%20exchange%20rate


If I am a Brit my pound bought a lot more yesterday than it will today.


SIGH

[malaise]

1. It's a mess

I expected remain to win.

[DemocratSinceBirth]

2. The Brits shot themselves in the foot...

I understand it is supposed to be a rebuke of the elites but it will hurt the average Brit a lot more than an elite one.

[glennward]

3. Think the pound is being pounded? Wait for the dollar. nt

[DemocratSinceBirth]

4. I suspect the value of the dollar will go up as it is seen as the safest of currency.

The U.S. dollar would also strengthen versus foreign currencies amid money flows to the safety of the greenback.

http://www.usatoday.com/story/money/markets/2016/06/23/brexit-market-scenarios/86256954/

[HereSince1628]

5. I'm wondering why the big financial houses wouldn't have hedged on this

which leads me to wonder if this immediate devaluing of the pound isn't mostly reaction from a world that wasn't really paying close attention.

What's really changed? Looks like a great opportunity to buy pounds cheap. If you've got a pile of British debt to level, isn't today a day to be working on price-averaging your payback?

[DemocratSinceBirth]

7. Occam's Razor. They didn't see it coming.

[HereSince1628]

8. Except, that you know, the big financials pay people to hedge their risks.

Under Occam's razor situation -normal- thinking should be the default. Having multiple international financial institutions change their behavior to not protect against risk would be a nonparsimonious explanation and would -require- evidence for that extra step.

[FSogol]

6. Q: What's the Capital of England?

A: About $3.00