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GBP battles to recover $1.30 level after ‘flash crash’

The British pound and the euro edged higher on Friday, as the dollar eroded some gains amid ongoing uncertainty surrounding U.S. politics.

The pound GBPUSD, rose to $1.2974, up from $1.2934, where it traded late Thursday in New York. Sterling pushed through $1.30 on Thursday for the first time in eight months, thanks to a strong U.K. retail sales report, but then struggled to hold on to that level.

Late Thursday, the pound quickly dropped around a full cent against the dollar in a matter of seconds, which some were referring to as a mini “flash crash.” Sterling dropped to as low as $1.2888 before gradually recovering.

The pound has also gained about 7.5% in value over the last 30 days, noted Konstantinos Anthis, in the ADS Securities research team. The late Thursday drop could have been traders taking some of that cash off the table or some concerns over the U.K. Conservative party’s manifesto ahead of the election next month, he said.

The manifesto repeated U.K. Prime Minister Theresa May’s stance that Britain will walk away from Brexit talks, if it can’t reach a deal to its satisfaction.

The euro meanwhile, was moderately higher against the dollar on Friday, rising to $1.1123 from $1.1111.

The dollar was down slightly against the yen, adding to recent losses against the Japan currency as turmoil in Washington has sent investors fleeing to haven assets. The dollar USDJPY, +0.18% was buying ¥111.26 on Friday, down slightly from ¥111.49 late Thursday in New York.

Outside of the advance services report for the first quarter, Friday’s data calendar is quiet. St. Louis Federal Reserve President James Bullard will give a speech on the economy and monetary policy at the Association for Corporate Growth at Washington University in St. Louis, Mo. at 9:15 a.m. Eastern.

Otherwise, investors may continue to watch U.S. headlines for developments on the controversy over President Donald Trump and Russian interference in the U.S. presidential election. Trump begins a multicountry foreign trip, which includes Saudi Arabia, Israel, Belgium and Italy.

Source: marketwatch.com

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