Sterling Flash Crash Just Adds to Brexit Unpredictability
Two minutes of chaos in Asian trading sparked the biggest plunge in the pound since the Brexit referendum, with traders saying the slump was exacerbated by computer-initiated sell orders. 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. With the currency already in freefall amid concern a so-called hard Brexit is on its way, Friday’s slide took it to the weakest level since 1985. Bank of America Merrill Lynch Head of G10 FX Strategy Athanasios Vamvakidis discusses with "On the Move" host Guy Johnson.
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U.K.'s May Calls for Two-Year Brexit Transition Period
31:11 - U.K. Prime Minister Theresa May speaks in Florence, Italy on the need for a period of implementation after the nation leaves the European Union. (Source: Bloomberg)