Cable presently down at 1.4345 from North American close Friday up around 1.4520, having been as low as 1.4253.
The new UK government has come out accusing Labour of persuing a “scorched earth policy” before the general election, leaving behind billions of pounds of previously hidden spending commitments, and this certainly hasn’t helped sentiment.
Meanwhile UK house prices seem to be moderating, Rightmove house asking prices prices up +0.7% m/m, +4.7% in May from April’s +2.6%, +6.0% respectively.
Little or no economic data today save
10:00 GMT: UK CBI industrial trends for May
Much talk at tail end of last week regarding huge 1.4400 option expiries this coming Thursday May 20, said to be for upwards of 3 bln pounds. Will be interesting to see where we are then.
