These discounts indicate the immediate economic value writeoff for the UK and the EU of Brexit. It is a lose-lose scenario, therefore, with no winners. For Ireland a similar prognosis applies, Ireland losing by about this amount straight off, and in the longer term, even greater opportunity losses over time.
Ireland's economic loss from Brexit is exceeded, though, by the UK's, which will be a multiple of that of the Republic of Ireland.
See today's chart for GBP/USD here
See today's chart for GBP/EUR here
See today's chart for EUR/USD (The Republic of Ireland's main external exchange rate) here
After the Bank of England announcement from Governor Mark Carney, the sterling exchange rate stabilised, as did the euro, providing a floor to the precipitate fall in sterling in early trading in London, bringing the 'cable' (the USD/GBP currency pair) to a rate not seen since 1985. The recovery was followed by a further drift, but, if rates stabilise at higher levels than opening on the day, the Bank of England will consider its management of the initial foreign exchange crisis as a job well done.
* The idea behind this is that the currency markets work to offset assessed economic impacts, therefore, by devaluing the currency by an amount, the markets provide an assessment of the compensatory movements required to offset the negative impact of what economists might describe as a 'stochastic change', in this case the unexpected Brexit vote.