EUR/GBP is up at .8750 from early .8705. The cross action has been weighing somewhat on cable which is down at 1.6100 from early 1.6145.
Sources tell me an international emerging markets bank (think south africa) was seen buying the cross aggressively this morning. I was told this somewhat earlier, so it’s not exactly new news. Interesting all the same I guess. Certainly helps explain cable’s relative weakness.
