Sterling's worst moments in the past 100 years have generally come in this month, so Scotland's vote could not be worse timed
April is the cruellest month, TS Eliot once wrote. Not for the pound, it isn't. Without question the month that holds the maximum danger for sterling is September. What's more, this week the week in which Scotland decides whether it wants to become an independent country tends to be the scariest week of the scariest month.
Consider the evidence. There were five big sterling crises in the 20th century, and four of them came to the boil in September. In the circumstances, it's not hard to see why foreign exchange dealers will be at their desks early on Friday morning to await news from Edinburgh about the referendum vote.
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