Currencies: Pound retakes $1.30 level after flash crash; dollar meanders lower

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

The pound GBPUSD, +0.4636% jumped to $1.3003, reclaiming the $1.30 level it lost late Thursday during a mini “flash crash.” Sterling fell to as low as $1.2888 in the crash after pushing through the key $1.30 handle for the first in eight months earlier in the day, thanks to a strong U.K. retail sales report

“Given the timing of the plunge, it would seem the liquidity of the market as opposed to any particular catalyst was largely responsible for the mini ‘flash crash,’” said Craig Erlam, senior market analyst at Oanda, in a note to clients.

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