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Pound slides to fresh 31-year low against the dollar.

The pound has hit a fresh 31-year low against the dollar as markets remain edgy in the wake of the Brexit vote. At one point it hit $1.3058 against the dollar, the lowest level since September 1985. Against the euro it fell to €1.1703, its lowest since 2013. Analysts blamed a disappointing report on the UK services sector, and ongoing uncertainty about the effects of the UK's vote to leave the European Union. There was caution on Wall Street as well, where shares opened lower. In London, shares in property firms and asset managers dropped sharply after insurance giant Aviva become the second firm in two days to suspend trading in a UK property fund following the Brexit vote. Aviva said the freeze would take place immediately due to "extraordinary market circumstances". On Monday, Standard Life Investments suspended trading in its UK property fund. Mark Priest from ETX Capital said: "Investors are getting very nervous now... the last time we saw this kind of action was in the financial crisis. "Fears about the investment industry are leaching into the forex markets today, with sterling seeing heavy selling again after a few days of relative calm after the Brexit vote collapse."

UK service sector growth slows.

Growth in the key UK service sector slowed last month, according to a closely-watched survey. The purchasing managers' index (PMI) for the sector from Markit/CIPS fell from 53.5 in May to 52.3 in June. This matched April's figure, which was the lowest since February 2013. A figure above 50 indicates the sector is expanding. The results reflect the "intensified" anxiety over Brexit in the run-up to the referendum, Markit said. Almost 90% of the data was collected before the referendum result was known. "The PMI surveys indicate that the pace of UK economic growth slowed to just 0.2% in the second quarter, with a further loss of momentum in June as Brexit anxiety intensified," said Chris Williamson, Chief Economist at Markit. "A further slowing, and possible contraction, looks highly likely in coming months as a result of the uncertainty created by the EU referendum." The data on the service sector follows Monday's weak report on the UK's construction industry.

Shares slide as Brexit fears take hold.

UK and European stock markets fell and the pound hit a fresh 31-year low as worries over the UK's vote to leave the EU continue to rattle markets. The UK's FTSE 100 share index closed 1.3% lower. US stocks initially followed suit but have turned higher. Earlier, the pound fell to $1.2798, its lowest since 1985, before rebounding. Analysts blamed warnings from the Bank of England that Brexit risks were "crystallising" and fears about the UK commercial property market. In afternoon trade, the pound was at about $1.29. Sterling has dropped by about 14% against the dollar since hitting $1.50 ahead of the referendum result. Against the euro, the pound was down 0.9% at €1.1656, having earlier hit its lowest level since 2013. "Pessimistic predictions for sterling are coming true," said Andrew Edwards, chief executive of ETX Capital. "The pound is the chief proxy for the post-Brexit mood in the markets."

Brexit concern and US jobs data deterred US rate rise.

The Federal Reserve believed it was "prudent to wait" for the UK vote on European Union membership before raising interest rates last month. The US central bank was concerned about the impact of the referendum on financial markets, minutes from the meeting show. Policy makers were also concerned about May's slow slow job growth. The central bank decided to keep interest rates between 0.25% and 0.5% when it met last month. "Members generally agreed that, before assessing whether another step in removing monetary accommodation was warranted, it was prudent to wait for additional data on the consequences of the UK vote," the minutes revealed. "Most participants noted that the upcoming British referendum on membership in the European Union could generate financial market turbulence that could adversely affect domestic economic performance." May's surprising dip in the hiring rate also appeared to rattle members of the Federal Open Market Committee (FOMC).

Tech companies blame price rises on Brexit vote.

US computer-maker Dell and the Chinese smartphone company OnePlus are both raising their prices in the UK and saying the move is the result of the nation's vote to leave the EU. Another company, used by several camera equipment-makers to bring their goods to the UK, has also revealed it will soon follow suit. Intro 2020 said it had been "punched in the stomach very hard" by sterling's drop after the Brexit referendum. Experts predict further price rises. The pound hit a fresh 31-year low against the dollar earlier on Wednesday - it has dropped more than 12% since the eve of the Brexit referendum result.

RBS hedged against sterling after Brexit vote.

Royal Bank of Scotland (RBS) acted to protect itself against a plunge in sterling after the European referendum vote, its chairman has said. Sir Howard Davies told the BBC the bank feared a plummeting pound would make a looming multi-billion dollar US fine more costly. Sterling fell from $1.50 to a 31-year low against the dollar on the Brexit vote and is now worth $1.29. RBS is awaiting a fine for its role in the 2007 US housing market collapse. Sir Howard told the Today programme the bank, which is 73%-owned by the taxpayer, had acted to protect itself in the event the dollar strengthened against the pound. "I can't tell you for how much, but yes we did notice that, and we bought some protection," he said. Like several big banks, including Barclays and Deustche Bank, RBS is in talks with US authorities to settle a long-running investigation into its sale of investment bonds based on sub-prime mortgages in the US. Analysts have speculated that the size of the eventual fine that could be imposed on RBS may be as much as £9bn. The 10% fall in the exchange rate between sterling and the dollar since the referendum vote means RBS could have saved itself it £900m.

[It would seem that the financial impacts of the Brexit vote, and especially the fall of Sterling against the Dollar, is having negative consequences all over the place and this is only the second week. Will it calm down in the near future? Things seem to point towards no. I think we have quite a lot more pain to suffer yet. Maybe the markets will stabilise by Christmas? Just in time to crash again when Article 50 is enacted.]

All details above from BBC News website.