Pound flash crash sends FTSE higher, gilts down
Sterling lost as much as 10 percent of its value 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 selling by European and U.S. investors quashed any bounce as first London and New York came on line, driving a 2.5 percent loss on the day... read more
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