Pound falls to fresh 31-year low in ‘flash crash’
Sterling plunged by as much as 6 per cent against the dollar overnight in a “flash crash” during the Asian trading session.
The pound fell as low as $1.18 in a matter of minutes, hitting fresh 31-year lows before recovering to $1.24.
Market-watchers pointed to comments by French president Francois Hollande, who insisted the European Union must take a tough stance in negotiating Brexit, and a “rogue algorithm”.
Algorithmic trading, sometimes referred to as algo-trading, involves programming computers to follow a set pattern of instructions when placing trades at lightning fast speeds,... read more
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