Flash Crashing in the UK

青影

The pound sterling had a flash crash overnight, dropping over 6% in mere minutes.

Traders have been increasingly concerned about the economic impact of the Brexit, especially since negotiations between the UK and EU do not appear to be proceeding well.

After its 4% drop this week, the pound is at a 7-year low against the euro and a 30+ year low against the US dollar.

The FTSE 100 Index fell -0.5% today, and banks were notably weaker on fears that they’ll suffer serious damage from the Brexit.