@ Martin Summers
"Fact is the markets and the pound are rallying after an initial spooking"
Not entirely. Right now (Mon 4 July) Sterling is about £1:$1.32690 which is lower against USD than it was on Fri 24 June after the initial fall as the result became clear.
As for the "markets" which I'll take as company share values. These are priced in Sterling (pence) but, in the case of the FTSE100 at least, they represent a load of companies that earn much of their gross revenue in foreign currencies. So perhaps the share price for $MegaGBCorp has, nominally, returned to the same level in pence that it was around 22 June but on 22 June Sterling was around £1:$1.48 whereas now £1:$1.33 or roughly 11% below the referendum value. The point is the market has inherently priced in the lower value of sterling which lifts the shares in their native devalued currency.
It's staggering how many people don't get this relationship - that the hammered currency is priced into the share price "rally" but this is a fact lost on Financial "Journalists" working at pro-leave papers too <coughs>Daily Heil</coughs>.
If a currency adjusted net drop of 11% is what you call a rally I dread to think what you'd call a crash!
Biting the hand that feeds IT
