Find who just made a fortune out of the drop and you'll find somebody that could explain how it happened. Rich bastards just cleaned up on stop loss collections. Master Manipulation. Carefully timed.
Pound's flash crash baffles the market
An extraordinary 10 per cent flash crash by the British pound has left currency traders baffled about its cause. At 10:07am (AEST) the pound suddenly crashed from $US1.26 against the US dollar to a fresh 30-year low below $US1.14 in a matter of seconds. Over the next 10 minutes the pound regained much of the loss to be trading down a little over 1 per cent lower in early Asian trade. Currency dealers contacted by the ABC this morning were largely at loss to explain what caused the violent move. However, it was noticeable that the crash occurred on very low volumes and the selling momentum was most likely amplified by ... (full story)