Cable sits at 1.6385, little changed from where it closed out Wednesday in North America.
Postmen duly started another strike this morning at 4.00 am, so the backlog of mail is set to get even bigger, and the effect on a struggling UK economy isn’t going to be good. I used to be a postman in a former life, so they have my utmost sympathy.
Cable has been garnering decent underpinning of late from the sharp sell-off in the EUR/GBP cross, with a French name said to have been a very notable seller yesterday. There is talk that part of the sell-off in EUR/GBP is down to M&A flows from a telecom deal involving French Telecom, but as yet I don’t have any definitive details.
Little in the way of UK economic data today;
09:30 GMT: UK mortgage approvals for September expected 53k; net consumer credit -£0.2 bln; net lending sec on dwellings +£0.8 bln.
09:30 GMT: UK M4 money supply for September (final read)
