BoE investigates 6% plunge in sterling

Bank of England to investigate ‘flash’ fall in UK currency during overnight trading

UK finance
British currency continues to tumble after market flash crash

The Bank of England (BoE) said it is looking into a 'flash' fall in the pound that occurred in early Asian trading today (October 7).

Sterling fell 6% against the US dollar to $1.18 – at one stage it was down as much as 8% at $1.14 - with traders initially unsure as to the cause. Following its fall at just after 0700 Hong Kong time, sterling regained some ground and settled at around $1.24 by noon BST.

Governor of the BoE, Mark Carney, has asked the Markets Committee of the Bank for

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