British pound endures one of its worst days
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.