ALEX BRUMMER: Pound set for dollar parity as the Bank and the Federal Reserve move in opposite directions
Just how little control monetary officials have over events on financial markets is illustrated by the 'flash crash' in sterling overnight.
At present the narrative centres on a series of computer trades which were triggered when sterling fell – for more fundamental reasons than Brexit – in very thin trading.
We may subsequently learn there is more to this than a technically driven event.
When the American authorities came to grips with the flash crash on Wall Street in 2010, which saw £500billion wiped off American share values, they found a British trader, Singh Sarao, the Hound of... read more
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