The British pound is getting destroyed.
The currency dropped by over 9.5% to a low as 1.3470 against the dollar around 11:19 p.m. ET (4:19 a.m. BST) after having ripped higher to hit 1.5000 earlier this evening.
That’s a 30-year low.
The huge drop in the pound followed early results in the UK’s EU referendum, which suggested the ‘Leave’ camp was performing much stronger than expected.
“The usual caveats exist about liquidity but these moves are concerning and bring back pretty painful memories of 2008,” Jeremy Cook, chief economist at the international payments company, World First, said in an emailed statement to Business Insider.
“GBPUSD didn’t have this bad a day 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.
Notably, the Japanese yen — a safe-haven currency that investors dive into when things get rocky — up by 11.5% against the British pound at 139.93 per pound.
Elsewhere in markets, US stock futures are diving as the ‘Leave’ camp gains momentum.