日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

US EUROPE AFRICA ASIA 中文
Business / Finance

Pound dips to its lowest since 1985

(China Daily) Updated: 2016-10-08 07:24

Pound dips to its lowest since 1985

A bank employee counts pound notes at Kasikornbank in Bangkok, Thailand October 12, 2010. [Photo/Agencies]

Two minutes of chaos in Asian trading sparked a plunge in the pound to a 31-year low, with traders saying the slump was exacerbated by computer-initiated sell orders.

The 6.1 percent decline, the biggest since voters chose to leave the European Union, drove sterling as low as $1.1841. With the currency already in freefall amid concern about a so-called hard Brexit, Friday's slide took it to the weakest level since March 1985. At least one electronic trading platform recorded a transaction at $1.1378, said traders, who asked not to be identified.

The extent and speed of the drop add to signs that bouts of extreme volatility are becoming more commonplace in the global currency market as the volume of transactions dwindle and algorithmic traders pick up market share. In January, the South African rand tumbled more than 9 percent in 15 minutes before rebounding, while New Zealand's dollar had its own flash crash last August.

"In a word, frightening," Karl Schamotta, director of foreign-exchange research and strategy at Cambridge Global Payments in Toronto, said. "Confidence in the currency markets has been badly shaken once again, and any trader who rode tonight's roller-coaster will certainly question the quality of liquidity going forward."

The pound pared the drop to trade 1.3 percent weaker at $1.2456 at 6:41 am in London. Traders speculated that the initial decline may have been sparked by human error, or a so-called "fat finger", with algorithms adding to selling pressure at a time of day where liquidity is low. Others pointed to a Financial Times article citing French President Francois Hollande as saying the UK must suffer the consequences of leaving the European Union.

"It would seem that it caught the market wrong-footed and triggered a lot of algorithmic selling," said Hugh Killen, Westpac Banking Corp's head of trading for foreign exchange, fixed income and commodities, in Sydney. "We didn't see any significant demand for sterling off the low. It was more of the point that the selling subsided and the market calmed and it reverted back to a level that was more realistic for the day."

One-week implied volatility for the pound against the dollar jumped to as high as 16.77 percent, the highest since July 14, from 10 percent on Thursday.

Hollande, speaking in Paris at a dinner attended by EU officials, urged the bloc to fight hard on negotiations with Britain. "There has to be a price to pay or else the negotiations won't go well," said Hollande.

"Such comments on their own would not be enough to cause a plunge on this scale, but once a move gets going in thin liquidity it can snowball quickly," said Gareth Berry, a foreign-exchange and rates strategist in Singapore at Macquarie Bank Ltd. While the pound "may recover to the $1.25 area today, all technical support has now been obliterated, so sterling is doomed from here over the months ahead".

Bloomberg

Hot Topics

Editor's Picks
...
主站蜘蛛池模板: jizz中国少妇高潮出水 | 韩国一级黄色录像 | 四虎影视免费在线观看 | www.欧美色图| 一级理论片 | 在线观看国产精品视频 | 91看片看淫黄大片 | 2019亚洲天堂 | 91国在线 | 国产传媒在线观看 | 女人久久 | 日韩一区二区三区视频在线观看 | 欧美系列第一页 | 国产精品视频一区在线观看 | 8x8x华人在线观看 | www日本黄色 | 午夜影院福利社 | 久久伊人爱 | 欧美精品第一页 | 国产一区二区视频免费 | 亚洲国产高清在线 | 蜜桃视频久久 | 欧美国产一区二区 | 国产精品第6页 | 午夜影院黄色 | 国产日本视频 | 1级黄色片| 黄色三级三级三级三级 | 国产精品成人自拍 | 日本精品视频在线观看 | 成人免费国产 | 欧美一区二区三区四 | 激情视频一区二区三区 | 激情短视频 | 久久午夜网 | 福利在线观看 | 丰满少妇高潮一区二区 | 午夜快播 | 2019中文字幕在线视频 | 一级二级黄色片 | 97久久人国产精品婷婷 |