The UK Government is powerless to stop the pound's value going "down and up and down and up" during the Brexit negotiations, David Davis has suggested.
The Brexit Secretary also dismissed calls for him and his fellow ministers to be "careful with their words" to prevent further volatility and sharp declines.
A slight recovery for sterling after Friday's "flash crash" - which saw the UK currency's value fall to 1.18 US dollars, a 6% drop, in early Asian trade - has failed to mask its ongoing struggles.
Uncertainty around Britain's withdrawal from the EU has been blamed by Tory former chancellor Ken Clarke for the "flash crash".
Market-watchers pointed to comments by French President Francois Hollande, who insisted the European Union must take a tough stance in negotiating Brexit, and a "rogue algorithm".
Speaking in the Commons, Labour MP Emma Reynolds (Wolverhampton North East) asked Mr Davis: "Days after the Tory Party conference, why has the pound dropped to a 30-year low?"
Mr Davis replied: "I recommend you read a book called Flash Boys because part of that fall, the major part of that fall was the flash crash as a result of that.
"Otherwise, there are lots and lots of speculative comments that will drive the pound down and up and down and up in the next two-and-a-half years and there's little we can do about that."
Labour's Rachel Reeves, a former shadow Treasury minister, added: "Today at airports holidaymakers are being offered less than one euro to the pound.
"(Labour MP Chris Leslie and Ms Reynolds) have asked about the 15% decline in the value of sterling since the referendum but you have failed to answer yet.
"We've seen huge uncertainty since our decision to leave the European Union and I'd like to know what efforts the Government is going to make to provide greater clarity to businesses and the economy, and to ensure they are a little bit more careful with their words - which would help with the volatility and the sharp declines we've seen in sterling in recent weeks."
Mr Davis replied: "I really will not take any lectures about being careful with my words from that lot over there. These are the people who have talked the pound down time and time again."
Tory MP Philip Hollobone (Kettering) praised the depreciation of sterling since June 23 for providing a "massive boost to Britain's international competitiveness" and for being "great news for British exporters".
Mr Davis agreed that there are a "very large number of upsides" to the fall in the pound.
"One of the interesting things that has come from the other side of the House today has been their willingness to carp on about the downside of every single aspect of Brexit," he said.
"The simple truth is that those talking about the competitiveness of their own industries are not paying attention to the level of the pound - so while it has some downsides, it certainly has a very large number of upsides too."
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