(Oct 7 Bloomberg) 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 orders.
The 6.1 percent drop drove sterling to a 31-year low of 1.1841, according to composite prices compiled by Bloomberg of contributors from dealers. With the currency already in a freefall amid concern a so-called hard Brexit is on its way. Friday's slide took it to the weakest level since 1985. At least one electronic trading platform recorded a transaction at $1.1378, said traders, who asked not to be identified because they're not allowed to speak publicly.
Click on the link below to see the full story from Bloomberg: (by Netty Idayu Ismail and Lananh Nguyen)