The British pound has been losing value lately thanks to anxiety over Brexit. But things took a turn for the bizarre during early morning trading in Asia Friday, when the currency suddenly plunged 6.1 percent in about two minutes before recovering some of its losses. It was like the pound sterling had decided to go bungee jumping while most of the U.K. was slumbering.
The culprit behind the flash crash? Well, nobody’s quite sure what started the selling.
The British currency fell 6 percent in two minutes. Was it an aberration or a sign of volatility to come as the threat of a “Hard Brexit” grows?
Dave Lutz, head of Exchange Traded Funds at JonesTrading, has a quick overview of what traders are talking about right now. In brief: The pound flash-crashed. The British currency fell 6% within two minutes in Asian trading amid gro...
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Currency recovers after losing almost 10 percent of its value in a few minutes of trading, amid worries over Brexit.