No kiddin'
I remember the pound dropped 10 percent the day after Brexit and they say it will drop until it reaches parity with the dollar.
I found this article Friday evening. It was interesting.
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Britain just got its first concrete sign that the British exit from the European Union, or Brexit, will crush the nation's economy after a grim set of PMI data released by Markit on Friday morning showed a "dramatic deterioration" in the economy since the UK voted to leave the EU.
Markit's flash PMI readings for the UK's economy showed that composite output fell to its lowest level since March 2009, during the tail end of the global financial crisis.
Here is the scoreboard:
The PMI, or purchasing managers index, figures from Markit are given as a number between 0 and 100.
- Services PMI — 47.4, down from 52.3 in June and at an 87-month low. The figure was well below the 49.2 forecast.
- Manufacturing PMI — 49.1, a 44-month low, and well below the expected 50 reading.
- Composite PMI — 47.7, a drop from 52.4 in June, and at an 87-month low.
Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the better.
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more here....
http://www.businessinsider.com/brex...om-flash-pmi-july-2016-7?yptr=yahoo?r=UK&IR=T