Cable has tacked on a quick half a cent in early European trade, presently up at 1.6780. The move comes with the USD under fairly heavy pressure (USD/JPY exception), for reasons given in opening EUR/USD comment.
Next resistance of any note for cable 1.6795/00.
There will be some focus on Kraft/Cadbury developments. 17:00 GMT today is the deadline for Kraft to make an improved bid for the UK company. Obviously there is the potential for decent positive cable M&A flows here.
