Sterling plunged to a three-decade low in thin early Asian trade as a break of key technical support levels triggered a wave of stop-loss orders.
he market may trend lower on weak global cues. Fears of a fed rate hike return on Wall Street after sharp drop in weekly jobless claims. Sterling plunged to a three-decade low in thin early Asian trade 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 USD1.1378 before stabilising around USD1.2415, 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.
