The weekend is over, and the pound is tanking.
The above chart (via @thalesians) shows the British currency starting the week with a swan dive, following the shocking news over the weekend that the Scottish Independence movement is now leading in the polls (at least, according to one poll).
While the vote (on Sept. 18) has been expected to be close for some time, very few gave the pro-Independence YES side much of a chance of actually winning. That’s now officially changed, and it now looks like a coin-toss as to whether Scotland will leave Great Britain and become an independent nation.
It’s unclear what economic ramifications there will be if Scotland does go, but, it’s a safe bet that it won’t be smooth, and so traders are dumping the pound right now, as a show of concern.
Meanwhile, the latest weakness in the pound is part of an accelerating trend, as the YES campaign has steadily risen in the polls in recent weeks.