Pound flash crash sends FTSE higher, gilts down
Sterling plummeted as much as 10 cents in just a few minutes of Asian trading on Friday, a "flash crash" that fuelled concerns about the vulnerability of the British currency while adding to the allure of the country's corporate sector.
The pound recovered from the fall, which took it as low as $1.1491 and was driven, dealers said, by the automated algorithmic computer trades that now dominate the global foreign exchange market.
But it was still down 1.4 percent on the day and trading below $1.25 for the first time since 1985.
Gains in shares of internationally focussed UK firms,... read more
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