>> Buying at five.>> No let up for Sterling, the pound tumbling to a fresh 31 year low against the dollar on Monday. Reuter's Chief Markets Correspondent Jamie McGeever says the downward pressure is likely to continue.>> It's down about 2% against the dollar today. I mean, that's a huge move in itself.
Compared to Friday's move, it's not so huge. Friday was stirling's biggest fall in modern history against the US dollar. It fell more than 8% and that was twice as big a fall as black Wednesday in 1992, when the pound was ejected from the exchange rate mechanism.>> Investors betting Britain's vote to leave the EU will trigger an interest rate cut from the Bank of England.
With most of the big banks forced to revise their forecasts in the wake of Thursday's vote to leave. Bank of America, Merrill Lynch, saying a push below $1.30 can't be ruled out.>> That's pretty much where we are now. Others, like RBC, Capital Markets, UniCredit, are saying that the pound could go as low as 120 against the dollar, or even lower.
So there's a range of forecast, but the consensus says the pound will remain weak, probably for some time to come.>> UK finance minister George Osborne, speaking for the first time since the vote, said the economy faces an adjustment. But he's confident it can cope.>> We are determined that unlike eight years ago, Britain's financial system will help our country deal with any shocks and dampen them not contribute to those shocks or make them worse.
>> Financial markets misjudged the referendum, and when reality dawned the reaction was brutal. While the shock and panic from Friday has subsided, Sterling remains under siege.