Bad luck befalls the pound which extended its slide lower at the opening of the week following the latest announcement by UK Finance Minister Kwasi Kwarteng on Friday.
After being shown by gloomy readings in manufacturing and services PMI data, Kwasi Kwarteng added to the wound for the pound by launching a major stimulus measure.
It includes tax cuts and support measures for households and corporates and Britain's debt office laid out plans for an extra £72bn of issuance this financial year to fund the stimulus.
The move follows Prime Minister Liz Truss' promised energy support package which will cost £60 billion over 6 months.
With UK inflation already skyrocketing, this stimulus package is feared to further increase price pressure in the country and make it difficult for the Bank of England (BOE) to act.
As a result, the pound currency plunged lower in the Asian session, seeing the price movement of the pound currency pair chart against the US dollar plunging around 500 pips, bringing the price to touch the level of 1.0357.
Meanwhile, investors also saw a higher surge in the currency king US dollar in the Asian session which set a new record at a 20-year high compared to its main rivals.
The dollar index that measures the greenback's strength surged to 114.50 earlier in the session, pushing most other major currencies lower.
