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Swiss franc slumps in mini 'flash-crash'

Today, the Swiss franc slid in a mini "flash-crash", while the dollar rose. The cause: Concerns grew that US-China talks would not heal a rift over trade between the world's largest economies.

A brief 1 percent drop in the franc gave currency traders a shock during today's Asia session.

A Japanese public holiday meant that markets were quiet and thin liquidity helped cause a mini recurrence of the "flash crash" that hit foreign exchange markets early last month.

Within a matter of minutes, the Swiss franc slid from 1.0004 per dollar around 2200 GMT yesterday to as low as 1.0095, the lowest since November, before reversing the move almost as suddenly to trade 0.2 percent stronger on the day.

According to an article on malaymail.com, the move was similar to the whiplash that saw the yen jump 7 percent against the Australian dollar early on Jan. 3, when Japanese markets were nearing the end of a week-long New Year holiday break.

 


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