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The pound has slumped further in reaction to the UK's vote to leave the European Union, at one stage slipping below $1.28 in trading in Asia. The euro is also weak.
The bounce back continues for Europe's stock markets. Britain's FTSE 100 index had recovered all of its post-Brexit losses by the end of trading on Wednesday.
Share prices in London and around Europe bounced back after the hammering they have taken since Friday.
U.S. stocks have fallen sharply, with the Dow Jones industrial average dropping as much as 538 points, as Britain's vote to quit the European Union sent a shock wave through global financial markets.
The pound hit a high for 2016 as global stocks rallied and the markets followed the bookies and backed Britain to remain in the EU.
European markets opened slightly higher as Britain goes to the polls to vote on whether to leave or stay in the European Union.
The pound has bounced back against the dollar after recent polls from the UK suggest that the campaign to remain in the EU is on a roll.
Brent crude oil is up five percent, at more than 41 dollars a barrel. The surge is raising hopes that top producers will will agree to freeze
European shares enjoyed only a brief bounce on Thursday before investors focused on Mario Draghi's statement that interest rates will only be cut again in the most extreme of circumstances.