The pound sterling is also in mourning… This is one of the collateral effects of the earthquake caused in Great Britain by the death of Queen Elizabeth, which is weakening an economy already in crisis.
The British currency, losing momentum since the beginning of the year against the dollar, fell more than 1% on Friday, undermined by fears of recession.
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In the morning, the pound sank to 1.1351 dollars, a level not reached for thirty-seven years, before recovering during the day.
At 6 p.m., it was trading at $1.1395.
Ironically, this date of September 16 marks the thirtieth anniversary of "Black Wednesday", a painful event in monetary history, which forced Great Britain to withdraw from the European monetary system after a 10% collapse against to the dollar.
Beyond the cost – estimated between 30 and 40 million euros – of the funeral, which takes place Monday at Westminster Abbey, the economy risks suffering from the twelve-day mourning period and the public holiday granted for the event.
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On Friday, it was also the sharp drop in retail sales, recorded in August after a slight rebound in July, which weakened the British currency.
Sales fell 1.6%, a rate three times greater than economists' expectations.
In question: the crisis in the cost of living and the spiral of inflation - 9.9% in August - linked to soaring energy prices.
The sales data “
confirms our view that the UK economy is already in recession
,” commented Olivia Cross of Capital Economics.
Since January, the pound has lost more than 15% against the greenback.
