Pound falls against the dollar after early Scottish referendum euphoria

Scotland voted 55 per cent in favour of staying in the union (Source: Getty)

After a fast start, the pound has lost steam against the dollar.

As the Scottish referendum results revealed a 55 per cent no vote, investors expressed their relief by sending the pound up 0.47 per cent to a two-year high of 1.2749 against the euro. Against the dollar, it rose even more sharply, by 0.5 per cent, to $1.60

View the results on our map here.

Later in the day the sterling had mellowed. While still up by 0.24 per cent against the euro at 3.20pm, it had fallen against the dollar as the rally lost steam.
The uncertainty surrounding the referendum had led to a fall in the value of the pound and the consensus was that a clear result would lead to a sustained recovery.
The recent weakness of the euro meant it was no surprise that the pound continued to surge:

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