There’s been talk all week that there is lumpy EUR/GBP (circa 3 bln euros) to be sold at the 12:15 GMT ECB fix. It’s apparently related to EU’s subsidy payment to UK farmers.
As Gerry noted earlier, there has been talk of this order all week. So what does the market do? Rallies.
The fixing comes in about 10 minutes.
It’s a weird and wonderful market, forex.
