British Vote Sets Off Bomb in Global Economy; US and Canadian Seafood Industry to Suffer
SEAFOODNEWS.COM [News Analysis and Commentary] by John Sackton - June 24, 2016
The unexpected vote in the UK to sever its ties to the European Union has rocked currency and financial markets this morning. It has also darkened the outlook for the US and Canadian seafood industry. All of us will be poorer because of this vote.
The vote has caused some of the largest currency movements in decades. This morning, the Euro is down 3.2% against the dollar, the UK pound is down 8.8%, and the Japanese Yen is up 3.8% against the dollar, to its highest values this year.
The problem: all of these countries are buyers of US seafood, (80% of US exports from Alaska), and suddenly our customers have woken up poorer this morning.
Currency does fluctuate, and changes in exchange rates are a continual business risk...
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