So cable dropped a nickle…other than that, it’s been a pretty boring day compared to the hair-raising swings we’ve seen over the last two months. Stocks trade close to breakeven in the states despite a very poor ISM report in the US. Soon we’ll have to begin paying attention to minutiae like intraday technicals.
A strong rally in EUR/GBP has been seen in late London trade. Some pin the move on expectations that the BOE will cut rates more aggressively than the ECB. Some call for a 100 bp cut from the Old Lady but few see more than 50 bp from Trichet.
