Massive volatility in the GBP crosses today as month-end flows dominate the market. Looks like the EUR/GBP buy order was conducted at the 12:15 GMT ECB fixing, taking the EUR/GBP to new highs and knocking the stuffing out of cable.
Dealers expect the 15:00 GMT fixing to be slanted the other way, with EUR/GBP sold and Cable in demand.
Not a good day to be playing at the feet of the elephants today, if you don’t have to….
