UPDATE 1-Worst four days since June push sterling below $1.23

(Adds Deutsche Bank comments, more background)

By Patrick Graham

LONDON Oct 11 Sterling slid back below $1.23 on
Tuesday as Brexit concerns weighed heavily on a market still in
shock after Friday’s 10-percent flash crash.

After a steadier 24 hours, the pound slid 0.6 percent
to $1.2278 in early trade in London, pushing the Bank
of England’s trade-weighted index to a nearly-eight-year low of

It was also half a percent weaker at 90.51 pence per euro
. The past four days are now the pound’s worst
against the dollar since the aftermath of the vote to leave the
European Union in June.

Some traders cited a Financial Times report that Russian
bank VTB may move its European hub to Frankfurt, Paris or Vienna
as having added to worries of financial sector cutbacks in
London due to Brexit.

“There is nothing to go on on the data front today, but
concerns surrounding…

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