British Pound Hits 3-Decade Low In Asia; Asian shares dip
October 9, 2016
Sterling plunged to a three-decade low in thin early Asian trade on Friday as a break of key technical support levels triggered a wave of stop-loss orders.
The pound fell almost 10 percent at one point to $1.1378 before stabilizing around $1.2415, still down 1.5 percent from late U.S. levels, leaving traders scratching their heads in the absence of news or market events that would justify such a move.
“This was even a bigger move than what we saw after the Brexit vote. There was almost no offer, no bids when this happened,” said a trader at a European bank in Tokyo.