the pound plunged and there really is no
other word for a six percent fall in a
major currency in two minutes flat it
went from trading at about one dollar
twenty six to one dollar 18 just after
7pm in New York that's 9 a.m. in tokyo
and 10am in sydney it soon bounced back
to about one dollar 24 but moves that
sudden are extremely rare trainers
suggest it may have been a mistake in
fat finger trade where someone keyed in
the wrong price or a row computer
algorithm effectively doing the same
thing the backdrop is that this happened
at the weakest point in the FX trading
day New York has gone home and Asia is
really only just getting up to speed
will speculation about what caused this
and a new debate on the pans value now
it really did bounce back quickly to the
one dollar 23 one dollar 24 level but it
hasn't recovered all that ground at lost
suggesting traders are happy enough
thinking that the sterling will keep
weakening it perhaps not quite as
dramatically as this much