Cable has had a decent morning, albeit off its earlier high, presently at 1.7480. The pounds’ strength comes despite a backdrop of truly horrible economic fundamentals. Deutsche Bank expects major industrialised economies to suffer the worst slump since the 1930s and warns that the U.K. is even more vulnerable than the U.S. and the euro-zone. Meanwhile collapsing house prices are plunging 60,000 homeowners a month into negative equity. Elsewhere The Times reports that a number of the U.K.’s biggest companies are among thousands that have stopped paying business taxes to councils, apparently creating a GBP 2.5 bln blackhole in townhall budgets. The list goes on and on. It’s truly worrying. I think I need to take a couple of paracetamol and find a nice dark corner.