The Always Exhilarating, Sometimes Lucrative Lives of Brexit Currency Traders
Riding along with two FX traders as they bet on a slow-motion car wreck.
Ed Matts, a foreign exchange trader, does his “daily bucket” of cold water every morning before starting work.
Photographer: Olivia Arthur for Bloomberg BusinessweekYou can tell a lot about a country by watching its money. Currency remains a barometer for a nation’s prospects. A strong dollar, for example, is a sign of economic power. Stability is also prized, a sign of steady, predictable growth. Only a handful of countries can claim both. Britain used to be among them.
Since suffering a historic fall in value in the days after the U.K.’s 2016 vote to leave the European Union, the pound has become one of the world’s most volatile currencies, less stable than the Russian ruble or the Mexican peso. It’s down about 13% since the referendum, pushing up the cost of energy and imported goods, weighing on real estate, eroding the value of savings, and paralyzing investors.