British pound's 6 percent "flash crash" baffles traders
HONG KONG - The beleaguered British pound has plummeted briefly to a fresh 31-year low amid intensifying concerns about Britain's exit from the European Union.
The pound tumbled nearly 6 percent in early Asian trading Friday, falling as low as $1.1789, according to FactSet data.
The British currency, which had been trading at around $1.26 the day before, recovered minutes later. It was recently trading around $1.24.
Market watchers were baffled by the pound's "flash crash."
Some attributed it to a trader's "fat finger" mistake or a rogue automated trading algorithm.
Others said the trigger might have been comments to British media by France's president. Francois Hollande insisted the European Union must take a tough stance in negotiating Britain's exit from the bloc's tariff-free single market.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Southern baseball players meet for unofficial practice in Port Allen
Kenan Cooper is first from West Feliciana to swim collegialety
LSU rolls out new turf in Tiger Stadium overnight
LSU Coaches dish on latest with football team
New West Feliciana football coach unsure of when he'll meet his new...