One year ago today, the British pound appeared headed for the once-unthinkable: parity with the U.S. dollar.
Sterling dropped to $1.035—its lowest level ever—in the early hours of Sept. 26, as Asian financial hubs kicked off trading. Investors feared the currency could breach a 1-1 exchange rate with the dollar.
That didn’t end up happening. The pound stabilized throughout the day as European and U.S. trading came online.
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