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Cable flirts with 1.6000 amid risk retrenchment

By   || July 8, 2009 at 16:13 GMT
|| 3 comments || Add comment

If it’s risky, sell it. That’s the theme today as cable slides to the 1.6000 area, EUR/USD dips into the 1.3840s and AUD/USD falls back toward 0.7750 (where a barrier is rumored).

Don’t look for sovereigns to catch any falling knives today. They may opportunistically defend a barrier here or there, but I would expect them to be happier to buy EUR/USD, GBP and the like on the way back up rather than try and draw a line in the sand.

Very good bids are said to be down at 1.5900 in cable, if it is any consolation.

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3 Responses to “Cable flirts with 1.6000 amid risk retrenchment”

  1. saferanger on July 8th, 2009 16:33 GMT

    Money seems to be pouring into the Yen as all crosses have 6-7 big-fig moves today…

  2. Michael Miller on July 8th, 2009 17:05 GMT

    The pound/euro crosses are plowing big time! I’m in the nzd cross, as the pound/euro crosses are a bit too pricey for my rinky dink account. And of course the nzd cross is lagging way behind. Get what you pay for I guess! lol

  3. lilac on July 8th, 2009 19:36 GMT

    Cable’s had another abortive attempt at getting back above the rangey support line I mentioned this morning.
    Maybe one last go …

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