AUTOREFRESH 
Resiliency gives way to reality
By Gerry Davies || March 15, 2010 at 09:04 GMT
|| 14 comments || Add comment
So much for sterling resiliency. Cable stops have been tripped through 1.5150 and we’ve quickly fallen to 1.5100, while EUR/GBP has rallied to .9090 having earlier fallen as low as .9047.
The early sterling strength was a little baffling given the raft of bad news/articles. The improvement seems to have been down to cable buying out of Eastern Europe and some traders finding solace in Moody’s take on the UK budget deficit. The second part is lost on me. The only Moody comments I saw were rather unsettling. I possibly missed something, wouldn’t be first time.
Have a dry weekend all 
Thank you Gerry.
mid east and eastern europe paying a major european bank for cable at these levels – 1.5085
Many hurdles for the pound this week, Gerry—-BoE minutes, unemployment and public finance figures in midweek. And a week after that another fantasy budget which will have everyone focusing on the UK’s fiscal mess and the failure to address it… I see the pound as being as fit for this hurdles race as Beckham….
Thanks Gerry- can i ask how bad you think things are for cable, i live in the UK and i personally think we will go back into recession- The whole recovery here is still being built on more debt- printing money etc and unsustainable in my view. Where do u see cable going in the next month or so up to and after the election against the eur and usd
Cheers Dan.
Ahhh poor David. Such a nice bloke, real shame.
Johny, you have my sympathies. I too live in the UK, something I will resolve if Labour manages to cling to power in some shape. Personally I feel we’re all doomed in this country, but I’ve been thinking that since the early 1980’s. Ive just been surprised things held up so well for so long. Forecasting forex over a period of a month seems futile to me. I struggle over a few hours. But I’ll give it a go.
I think sterling will struggle, but personally not in great hurry to sell cable/buy eur/gbp around current levels. Was thinking 1.5250.15300 area might have been good entry level to start shorting cable and around .9000 to start buying eur/gbp but we never got there in both cases on this latest run. I’ve learnt to be patient. The chance may still come. If not then I’ve missed the boat.
I start to like cable more and more while first I truly hated Cable
Thanks Gerry- It looks like a hung parliament will happen so i am not sure what you will do, unfortunately i think the opposition is doing a poor job of proposing a viable alternative which will help labour hold on to seats. I hope the country can sort itself out but i don’t see how especially with the banking sector now moving out of the country. Anyway thanks for the good work.
Well, if its a hung parliament I would suggest you move to Guernsey. Its somewhere in between too.
Guernsey’s nice, like Jersey too.
I’ve never been to the channel islands, but they have a good reputation. Consider also the tax advantages that a surely high net worth individual like yourself could obtain. Btw, are you aware of the recent court cases involving the tax office bending the rules and applying them retrospectively so that people that have lived for years out of the country are now liable to pay taxes that otherwise would be exempt? In my view it may have massive implications as this attitude will deter wealth creators and push them to other countries with a more solid legal base .
Channel islands are lovely. I’ve got a mate who lived and worked over there for a number of years for a bank and says it was wonderful. “high net worth” , i wish. i should be given the amount ive earned over the years but the tech stock collapse in late 90’s did for me bigtime. it was my own fault. i had jamie sitting next to me at the time and he kept telling me to sell and i kept telling him to shut up. to this day he still gives me a hard time over it….