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Stats: 340 members, 4,613 Topics. Date: January 24, 2018, 10:35 am

Bank Of England Probes 'flash Crash' After Pound Plunges 6% Against US Dollar

TodayNewsReview / General / Business / Bank Of England Probes 'flash Crash' After Pound Plunges 6% Against US Dollar 385 Views

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The Bank of England is "looking into" the "flash crash" which sent the pound plunging more than 6% against the US dollar overnight. The value of sterling dived during the Asian trading session to 1.18 US dollars, hitting fresh 31-year lows before recovering to 1.238 US dollars.

The Bank said it is "looking into the cause of the sharp fall". Sterling was also sitting at a five-year low against the euro, down 1.5% at 1.113 euro.

Market-watchers pointed to comments by French President Francois Hollande, who insisted the European Union must take a tough stance in negotiating Brexit, and a "rogue algorithm". The "flash crash" has capped a torrid week for the pound on the currency markets, with sterling dropping more than 4% against the dollar since Friday September 30.

The UK currency plumbed new depths on Thursday after German chancellor Angela Merkel took a tough stance on Brexit, saying Britain would not get access to the European single market if it did not accept free movement of people.


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