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URGENT: Pound Sent into Flash Crash Oblivion by ‘Liquidity Bubble’
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[quote:Anonymous Coward 73122775:MV8zMzEyMzgwXzU5MjE4NzAwX0RGQzg3OEY5] peopel dont fat finger billions of dollars. it was an insider Short Sell, then after they shake everyon eout they buy it ALL at the new low and teh prioce goes back to normal except a trillion dollars changed hands from teh peopel to teh elite. [/quote]
Original Message
Sterling dropped sharply to a fresh 31-year low early in Asia trade Friday, falling more than 6%, before regaining ground after what could have been a mistaken trade.
"I initially doubted what I saw on my screen," said Kenji Yoshii, foreign exchange strategist at Mizuho Securities.
With no clear news trigger and a strong rebound, Mr. Yoshii said the large selling orders could have been the result of a fat finger trade during thin trade early in the Asia session.
The pound tumbled to as low as $1.1789 around 2305 GMT, its lowest level since 1985.
The currency then bounced back sharply, changing hands at $1.2437 around 0035 GMT, but remained below $1.2600, where it was positioned before the early morning selloff.
The euro jumped to GBP0.9450 before falling back sharply to GBP0.8963.
The British currency has been under pressure in recent days amid speculation that the U.K. is likely heading toward a more comprehensive exit from the European Union--or "hard Brexit"--after British Prime Minister Theresa May signaled that British fears over immigration issues would take priority over access to the EU's single market.
European leaders have also been hinting that Britain can't cherry pick the conditions for a new relationship with the EU.
The Financial Times reported overnight that French President Francois Hollande had urged the bloc to lead tough negotiations with the U.K. to prevent demands for advantageous conditions spreading to other countries within the EU and to protect the fundamental principles of the single market.
But analysts cast doubt on whether the news was sufficient to prompt the selling earlier Friday.
I thought Yday something was up...
Thread: FTSE all 6s and 9s
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