The British pound's sudden surge on Tuesday around the time that daily foreign exchange benchmarks are calculated, coincided with an outsize spike in trading volumes, taking hourly flows to five times the average seen in the past week, Refinitiv data shows.
The move, which saw sterling jump 150 pips in the space of seven minutes -- from $1.3840 around 1453 GMT to $1.3890 by 1500 GMT on Tuesday -- puzzled many traders, and one said he had fielded several client calls asking for reasons behind the move.
It was the biggest hourly turnover since the final week of Nov. 20 2020, when Brexit talks between the United Kingdom and the European Union reached their final leg. John Goldie, FX dealer at Argentex said he had written to clients earlier in the week to inform them "we have prime set up for sharp sudden moves across the market, with summer trading, heading into month-end, COVID news seemingly changing constantly and a Fed meeting thrown in as well".
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