By Jonathan Davies
The pound was a contentious issue during the debate over Scottish independence; there were fears that and independent Scotland could weaken the pound and there was the uncertainty over whether or not Scotland would be able to use it.
But with the Scottish public voting against independence, the price of the pound has surged on Asian markets.
In early Asian trade, the pound sterling jumped 0.43% to 1.2743 euros, it's highest for two years. It also saw a 0.8% rise to 1.6525 against the US dollar, a two-week high.
The FTSE100 also opened higher, rising by around 40 points. Scottish based like Standard Life, RBS and Lloyds Banking Group faired particularly well. RBS shares were up 4%, which is particularly strong for a company worth £40 billion.
Jeremy Cook, economist at World First said: "The obvious risk to the currency markets was a yes and that would have caused a big sell off. Now the markets will go back to concentrating on the fundamentals of the UK economy."
Philippe Gelis, CEO and co-founder of Kantox, said: “Interestingly, this debate has revealed some of the fragility of GBP, which has been gradually declining in global importance since the creation of the Euro and with the rise of the Renminbi. Although GBP may pick up for a time, this will simply be the market’s reaction to the end of a complex and uncertain process. In the long run we could see continued decline in the strength of GBP despite the continued union with Scotland.”
The boss of Aberdeen Asset Management, Martin Gilbert, who said an independent Scotland could prosper, said: "Scotland has long been a world leader in business sectors such as oil and gas, whisky and investment and the task now is to grow the rest of the economy with the strong support of politicians of all parties.
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