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Flash Crash of the Pound Baffles Traders With Algorithms Being Blamed

The 6.1 percent drop drove sterling to a 31-year low of $1.1841, according to composite prices compiled by Bloomberg of contributions from dealers. Traders speculated the crash might have been sparked by human error, or a so-called "fat finger," with algorithms adding to selling pressure at a time of day when liquidity is relatively low.While the currency snapped back in Asia, it resumed its freefall during European hours, as concern welled up that Britain is headed for a so-called hard Brexit that would restrict its access to the European Union's single market in return for gaining control of immigration.
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