Brexit wrong-foots some reserve managers

UK referendum result creates tactical opportunities as sterling plunges


The vote taken by the British public to leave the European Union (EU) on June 23 wrong-footed many reserve managers and sovereign wealth funds, and sent shockwaves through global financial markets with sterling at one point on Friday hitting a 30-year low against the US dollar.

"For some reason the market underestimated the chances of Brexit going ahead. I guess the market will recover slightly due to stop loss and stop profit orders, but then will have the tendency to remain lower," said the

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