Cable sits at 1.5025, up from a North American close Tuesday around 1.4960, but someways from overnight high of 1.5075.
Article in FT which suggests Prudential’s deal to buy AIA could be in jeopardy given recent fall in Prudential’s share price has been noted. Some suggestion forex hedge already in place might have to be unwound and this has helped underpin cable to some extent.
Some encouraging data out overnight as well. UK February Nationwide consumer confidence rose to 80, up from 74 in January, the highest level since January 2008.
Elsewhere February BRC shop prices came in at +1.7%, down from +2.3% in January, food price gains lowest since December 2006.
Nothing much in way of UK economic data today:
09:30 GMT: UK official reserves for February
09:30 GMT: UK services PMI expected 55.0 from previous 54.0
