Pound going through the floor.

PoshButNice

Currently 1.235 dollars to the pound.

At one point it hit 1.20!!

About 2 hours ago.

At 7 mins past midnight it dropped from 1.26 to 1.20, wonder what happened then?

It did bounce back to about 1.235 almost immediately though.

PoshButNice

Flash Crash of the Pound Baffles Traders With Algorithms Being Blamed

The pound plunged as much as 6.1 percent against the dollar, the biggest decline since the day the U.K.’s Brexit referendum result was announced, in a move that traders struggled to immediately explain.

Sterling sank as low as $1.1841, according to data compiled by Bloomberg, the lowest since March 1985. The pound quickly pared the drop, trading 1.1 percent weaker at $1.2472 at 9:26 a.m. in Tokyo. Traders questioned whether computer-driven orders had triggered the plunge, exacerbated by a lack of liquidity in early Asian hours, while some saw the possibility of human error, or a so-called “fat finger.” Others pointed to a Financial Times article citing French President Francois Hollande as saying the U.K. must suffer the consequences of leaving the European Union.

“What we had was insane - call it flash crash, but the move of this magnitude really tells you how low the currency can really go," Naeem Aslam, chief market analyst of Think Markets wrote in a note. “Hard Brexit has haunted the sterling."

The pound dropped as much as 6.5 percent versus the euro and was down 1.1 percent at 89.37 pence per euro. The FT reported that Hollande, speaking in Paris at a dinner attended by EU officials, urged the bloc to lead tough negotiations with Britain to avoid contagion and protect the fundamental principles of the single market.

“It looks like it was a algorithm-driven flash crash triggered by a Financial Times article based on French President Hollande’s speech on Brexit,” said Angus Nicholson, a markets analyst in Melbourne at IG Ltd. “Given low volumes in the Asian session, it would have forced other algorithms to join in and magnify the fall.”

The drop versus the dollar could be due to an erroneous order and flows related to stop-loss orders or options, given dollar-yen or euro-dollar aren’t moving much, according to Toshihiko Sakai, Tokyo-based chief manager of foreign-exchange and financial products trading at Mitsubishi UFJ Trust & Banking Corp.

“It’s a timeslot where you often see sudden moves, but it looks like there were moves to cut losses,” said Tomoichiro Kubota, a senior analyst at Matsui Securities Co. in Tokyo. There were no major new fundamental changes, but “it looks like there was selling that honed in on a time of day when there’s lower liquidity.”

Leaving the EU has been the main topic at the ruling Conservative Party’s annual conference this week, where U.K. Prime Minister Theresa May seemingly moved closer toward a so-called hard Brexit that would restrict access to the European Union’s single market so that the government can control immigration. Sterling has tumbled since May’s speech on Sunday, accelerating losses as she was said to take the view that financial services would get no special favors in EU exit talks.

With March now set as the deadline for triggering divorce proceedings, tensions are playing out in the currency market. The pound has dropped 16 percent since the referendum to leave the world’s biggest single market, and is 2016’s worst-performer among 31 major currencies tracked by Bloomberg. Companies including Goldman Sachs Group Inc. and AllianceBernstein Holding LP have issued predictions for more pain ahead.

http://www.bloomberg.com/news/articles/2016-10-06/pound-plunges-6-1-percent-in-biggest-drop-since-brexit-result

ruggedtoast

So publicly identifying yourself as a country 52% comprised of ignorant inward looking xeonophobes has some knock on effect on how the world views your currency.

Who knew?

TrickyTree83

ruggedtoast wrote: »

So publicly identifying yourself as a country 52% comprised of ignorant inward looking xeonophobes has some knock on effect on how the world views your currency.

Who knew?

Everyone who voted leave is a xenophobe now?

You really are a prize muppet.

ruggedtoast

TrickyTree83 wrote: »

Everyone who voted leave is a xenophobe now?

You really are a prize muppet.

And you are a prize xenophobe, sorry I meant Leave voter, oh wait, they're the same thing.

mwpt

TrickyTree83 wrote: »

Everyone who voted leave is a xenophobe now?

Tell me, do you agree with May's stance of framing everything about immigration at the moment? What happened to it being all about "making our own laws"?

Are you anti-immigration? Do you want free movement curbed? If not, will you admit that your views were lumped together with those who are anit-immigration and your vote is now assisting them to believe they're the majority?

CLAPTON

ruggedtoast wrote: »

And you are a prize xenophobe, sorry I meant Leave voter, oh wait, they're the same thing.

apparently Jim Clark has invited toxic toastie to join his branch of the KKK : they will only allow white christians to enter.

DiggerUK

Still b!tching about the referendum? the biggest non event ever.
The uk was stiffed whichever way the vote went, and will still be stiffed when negotiations are finished..._

mrginge

mwpt wrote: »

Tell me, do you agree with May's stance of framing everything about immigration at the moment? What happened to it being all about "making our own laws"?

Are you anti-immigration? Do you want free movement curbed? If not, will you admit that your views were lumped together with those who are anit-immigration and your vote is now assisting them to believe they're the majority?

Remember when I told you you that there would be no freedom of movement as the government had already made that position clear?
That was about three weeks ago and you're only just catching up.
Obviously your fantastic plan of 'let's leave and keep everything the same' isn't happening.

chucknorris

mrginge wrote: »

Remember when I told you you that there would be no freedom of movement as the government had already made that position clear?
That was about three weeks ago and you're only just catching up.
Obviously your fantastic plan of 'let's leave and keep everything the same' isn't happening.

I thought that mwpt voted remain.

mwpt

mrginge wrote: »

Remember when I told you you that there would be no freedom of movement as the government had already made that position clear?
That was about three weeks ago and you're only just catching up.
Obviously your fantastic plan of 'let's leave and keep everything the same' isn't happening.

The people I speak to in real life who voted leave say it wasn't because of immigration but rather being governed by Brussels. While I find their reasoning flawed, it is clear that halting FOM wasn't top of the agenda for many leave voters. On this forum, you'd be hard pressed to find those sort, I admit, it does seem to attract people like you.

But we do have TrickyTree, who voted leave and says he is happy with maintaining the four freedoms. Although he never speaks out against the anti-immigration rhetoric, so even there I'm suspect that he is being duplicitous.

You seem to believe you speak for everyone.