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.
