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U.S.’ Lew says UK authorities need time to probe pound crash

October 7, 2016 by · Leave a Comment 

U.S. Treasury Secretary Jack Lew said on Friday it was necessary to give British authorities some time to determine what drove a steep drop in the pound before jumping to conclusions. “Based on our own experience, it takes some time to find out why such movements occur,” Lew told a news conference at the International Monetary Fund and World Bank Meetings in Washington. The pound's fall by more than 10 percent against the dollar to below $1.15 was …

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U.S.’ Lew says UK authorities need time to probe pound crash

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‘Flash crash’ thrashes sterling; dollar slides on U.S. jobs data

October 7, 2016 by · Leave a Comment 

By Richard Leong and Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Sterling plunged on Friday after what traders called a “flash crash” knocked the currency to a 31-year low, while the dollar slipped on news of unexpectedly weak U.S. jobs growth in September. “I think it’s a warning shot from the markets to the UK about what type of potential volatility …

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‘Flash crash’ thrashes sterling; dollar slides on U.S. jobs data