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The British pound fell by 2.1% to a low of 1.3003 against the dollar at 12:08 p.m. ET.

That's the lowest level since September 1985.

This follows earlier news that the Bank of England's Financial Stability report called Brexit "the most significant near-term domestic risks to financial stability".

The BOE's Financial Policy Committee also cut its countercyclical capital buffer for UK banks to zero from 0.50%.

And, separately, the UK's June PMI, which was collected before the UK voted to leave the European Union, showed that Britain's industry suffered its worst quarter in more than three years, printing 52.3.

As for the rest of the world, here's the scoreboard:

Tthe Japanese yen is stronger by 1.0% at 101.56 per dollar. So far this year, the yen has appreciated by about 18% against the dollar. This creates problems for the Japanese government and central bank, both of which have been struggling to jump-start the economy via the ambitious Abenomics plan. Plus, it has folks worried about corporate profits.

The euro is weaker by 0.7% at 1.1073 against the dollar after some disappointing European PMI data. Germany's services reading fell to 53.7, and France's dipped back into contraction with a reading of 49.9.

Australian dollar is weaker by 1.1% at .7456 per dollar after the Reserve Bank of Australia “Taking account of the available information, the Board judged that holding monetary policy steady would be prudent at this meeting. Over the period ahead, further information should allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate,” the bank said in its accompanying statement. Theis weaker by 1.1% at .7456 per dollar after the Reserve Bank of Australia kept interest rates unchanged at 1.75% at its July monetary policy meeting.

The US dollar index is stronger by 0.5% at 96.17 despite factory orders falling 1% in May — more than expected.

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