Traders bet £5bn against the pound
Hmm, well. Global FX market turnover is for the order of $5 trillion a day. -Ish, -ish. Perhaps £2 trillion a day in London.
£5 billion being bet the one way on one currency, my that is a Big Boy, isn’t it?
This before we get to zero sum nature of speculative FX markets, there must equally be folk betting £5 billion the other way – for someone’s taken the bet, right?