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ETF Securities comments on last week’s sterling flash crash


Weekly flows analysis from ETF Securities sees long the British pound record the highest inflows in two years.

 The firm writes that investors maintained faith in the strength of the US dollar with ETF inflows the highest in four weeks and there was profit-taking in crude oil ETPs as they hit a seven week high as optimism faded over OPEC product cut deal.
Meanwhile, gold ETP inflows continued despite falling prices, as investors questioned the global economic outlook.
The firm reports that, contrary to the GBP flash crash on Friday last week, short GBP ETPs have seen outflows, totalling USD 12 million. ETF Securities writes that the flash crash for sterling last week highlights the volatility that thin liquidity and computerised trading algorithms can have on currency markets, after a sharp 6 per cent decline pushed sterling to 31 year lows.
Expectations for a rate hike in December have risen to 64 per cent from 59 per cent at end September, while positions in futures markets show that net long exposures have softened by 1 per cent over the past week.

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