The pound fell almost 10 percent at one point to USD 1.1378 before stabilising around USD 1.2415, still down 1.5 percent from late US 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. A "fat finger" error triggering the automatic stop-loss orders was seen as a possible culprit.
