Cable has gotten off to a poor start, giving up over half a cent in early European trade, presently at 1.6525 from an early 1.6580. Talk of decent buying from Asian names and a French name in the 1.6530/40 area hasn’t managed to lift the pairing, which is a little worrying.
Risk sentiment isn’t in all that great shape with worries growing over the state of the global banking system, and this won’t be helping sterling given that it’s seen by many as a proxy for the health of the banking sector.
