The French president has taken a tough stance over…

The French president has taken a tough stance over Brexit, according to a report published by the Financial Times at precisely 7.07am Hong Kong time. Many trading algorithms scrape news websites for breaking stories, so it is possible the article was picked up by one attuned to pound/Brexit risks, which then traded on its view of the information.

However, traders contacted by the Financial Times put the exact start of the pound’s move at 7 minutes and 3 seconds past the hour, and the FT’s Hollande story was not published until 7 minutes and 13 seconds past.

Why did the pound fall so fast? - Financial Times (via algopop)