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Commerzbank: "The reaction of the markets was significant but we are not in panic mode" (Photo: stefan)

Pound plunges after UK result, but no 'panic'

The value of the British pound plunged to a 30-year low against the US dollar after the UK voted to leave the EU, with top banks predicting more volatility but no “panic”.

“This is not such a good day for Europe”, John Cryan, the British CEO of Deutsche Bank said in a statement on Friday (24 June) morning after final results were out.

“We cannot fully foresee the consequences, but there’s no doubt that they will be negative on all sides”, he said.

“As a Briton and a Euro...

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

Commerzbank: "The reaction of the markets was significant but we are not in panic mode" (Photo: stefan)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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