Pound's "flash crash" strains bond, stock market nerves

Pound's flash crash strains bond, stock market nerves
 

Sterling lost as much as 10 percent of its value in just a few minutes of trading early on Friday, a "flash crash" that fuelled concerns about the vulnerability of the currency and other British assets to investor worries about Brexit.
The pound recovered from the initial plunge, which took it as low as $1.1491 in Asian hours 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 then New York came on line, driving a 2 percent loss... read more

 
8 October 2016 in Business, Views: 56
Source: Reuters
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