Not sure what the catalyst is for the more than 100 pip slide in cable over the last hour beyond the talk of GBP/JPY selling that we picked up earlier in the day.The 16:00 Fix may have been front run….
My guess is the market got itself good and long in anticipation of quick BOE rate hikes but bailed out as interest rates markets failed to reflect the same level of anticipation. We warned yesterday that the market was way ahead of itself in pricing in hikes from the Old Lady…
The ECB is seen moving first, the UK a distant second and the Fed sometime in 2032. First quarter, most likely…
