After a sharp kicking by BoE Gov King before a parliamentary committee yesterday, UK Chancellor Darling says he is working with the Governor on regulatory reform. King said yesterday that he had not been consulted by the government on the matter.
The unseemly back and forth between the government and the Bank is not doing the pound any favors today. Very large stop loss sell orders are eyed on a break of the 1.6180 level, traders say. Japanese accounts were sellers of GBP today in addition to Middle Eastern names, traders report. Cable trades now at 1.6270.
