Dollar to pound sterling exchange rate today: The pound plummeted to its lowest level since 1985. The rate of the British currency fell by 0.55% to $1.1444.

According to The Wall Street Journal, the pound sterling exchange rate is affected by both the strengthening of the dollar and the economic situation in Britain. Due to the energy crisis in the country, many households may not be able to pay their bills in the winter.

What affects the sterling exchange rate chart? 

Also, among other factors for the weakening of the pound sterling are the ability of the Bank of England to cope with record inflation and the uncertainty about the economic policy to be pursued by the new British Prime Minister.

On Monday it became known that the head of the British Foreign Office, Liz Truss, had been elected head of the Conservative Party. She will become prime minister of the country. Truss got 81,300 votes, thus overtaking former finance minister Rishi Sunak, for whom 60,400 people voted.

At the same time, we see serious problems in the stock markets. On October 26, Meta released its quarterly earnings report. It is reported that Facebook Reality Labs (FRL) revenue in the third quarter was only $285 million – significantly below analysts’ forecasts ($406 million) and below the revenue for the previous quarter ($452 million). Against this backdrop, FB live price chart shows a steady decline. Overall, the division posted a loss of $3.7 billion in the third quarter, compared to a loss of $2.8 billion in the prior period. The company also said in a press release that it expects further “significant” growth in FRL operating losses in 2023.

Earlier we reported that the dollar against world currencies is getting cheaper as part of the correction.