Sterling fell in early trading, hitting its lowest point against the dollar in almost 30 months.
The pound has dropped by half a cent to $1.1460, its weakest point against the US dollar since March 20th 2020.
Below that point, it will be the weakest since 1985.
Victoria Scholar, head of investment at interactive investor sums up the early morning action so far: “The euro has slumped below $0.99 for the first time in twenty years after Russia indefinitely shut down the Nord Stream 1 gas pipeline to Europe as the G7 agrees to impose a price cap on Russian oil exports. European stock markets have opened sharply lower while gas prices are soaring amid the fresh squeeze on supply.
“Dutch wholesale gas prices are up almost 30% so far in today’s session.
“Risk-off sentiment has lifted the US dollar index to the highest level since 2002, with the pound slumping to a 2.5 year low.”