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Within ING’s foreign exchange business, a special algorithm has the job of looking out for signals that might indicate an abrupt, unexpected shift in the market, and adjusting the bank’s prices accordingly. On July 16, that algo had to earn its corn: reports spread that US president Donald Trump was planning to fire the chair of the Federal Reserve, Jerome Powell.
“On the Powell news, it really kicked in,” says Simon Bevan, global head of e-trading at ING.
Markets went on a rollercoaster ride
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