Cable is presently at 1.6420, up from an early 1.6375 but a little off earlier 1.6444 session high.
The pairing is garnering decent support from heightened risk appetite this morning, but sources note that aggressive Middle East selling capped the rally up at 1.6444.
There will be a lot of interest surrounding the fate of U.K’s Cadburys, who are being strongly pursued by Kraft, North America’s biggest food group. Cadbury’s has so far turned down a $16.7 bln bid approach. Could make for a nice chunk of positive M&A flows for cable if a deal were to be struck.
