Cable is trading firmer this morning, presently up at 1.6425 from a North America close Tuesday around 1.6370.
King’s speech in Edinburgh came and went, and there is some evident relief he didn’t say anything about a possible QE extension. His main focus seemed to be the size and structure of banks.
Some have picked up on his comment in the Glasgow Herald, that rates are currently “extremely low” and willnormalise “at some point”, but to be honest any hike in UK rates is someways down the road.
Data today:
08:30 GMT: Latest Bank of England minutes
10:00 GMT: UK CBI quarterly industrial trends
Resistances now at 1.6450, 1.6470/75 and then 1.6495/00.
