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THE CALM BEFORE THE STORM: The pound is trying to tell you that bad things are coming

For most people in Britain, last week's "flash-crash" in the pound, coming out of the Asian markets in the early hours of Friday, was merely a mild curiosity. It was like a flash of lightning in the night from a faraway storm. Interesting, but no big deal. But the pound is a warning signal, a canary in the coal mine. It is trying to tell us that bad things are coming. Usually, when a currency slips, it is notable if the movement is greater than 0.
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