Cable sits at 1.6180, struggling to make back all the ground lost by the rumour that PM Brown had resigned. Well just about a 3 1/2 big figure movement in cable, just an average day then.
How to make sense of this, difficult. Obviously there are worries that PM Brown could fall on his sword, resign and leave the ship which is Brittania rudderless. I don’t think that’s going to happen, infact I’d be amazed. He waited a long long time to get rid of Blair, they’ll have to prise him out with a crowbar.
So are the Labour Party going to throw him out, they might, but there’s always the question; who have they to replace him? Alan Johnson is the name on people’s lips, but he made a very convincing denial of interest yesterday and seemed genuinely to support the beleaguered PM.
So I think political concerns could prove overblown. Maybe cable could move higher, infact as i write this it’s moved over 1.6200.
