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Pound Plunges 6.1 Percent in Biggest Drop Since Brexit Result
The pound plunged as much as 6.1 percent in early Asian trading, the biggest decline since the day the U.K.’s Brexit referendum result was announced, to a fresh 31-year low. Sterling touched $1.1841, the lowest since March 1985, and was 1.4 percent weaker at $1.2440 at 8:43 a.m. in Tokyo from the close in New York. It dropped as much as 6.5 percent versus the euro and was down 1.3 percent at 89.56 pence per euro. Traders struggled to immediately pinpoint a reason for the plunge. The drop in the pound versus the dollar could be due to an erroneous order and flows related to stop-loss orders or options, given ... (full story)
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