Bri­tish pound en­dures one of its worst days

Daily Freeman (Kingston, NY) - - BUSINESS - By Pan Py­las and Kelvin Chan

The Bri­tish pound en­dured one of its big­gest falls ever — with some in the mar­kets blam­ing trad­ing ro­bots or a fat-fin­gered typo for send­ing the cur­rency down a pre­cip­i­tous 6 per­cent in just a cou­ple of min­utes.

For one of the world’s ma­jor cur­ren­cies, which is held as a re­serve by coun­tries around the world, that’s a huge move, matched only by the pound’s fall in the wake of dra­matic events like Bri­tain’s June 23 vote to leave the Euro­pean Union.

Early Fri­day dur­ing Asian hours, the pound tum­bled from $1.2600 to as low as $1.1789 in the space of two min­utes, ac­cord­ing to fi­nan­cial data provider Fac­tSet. It re­cov­ered since that cliff-like fall to trade at $1.24 later Fri­day.

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