EUR/GBP presently at .8380. Rumour doing rounds that UK clearer needs to buy large amount of the cross for the agricultural department. Talk is it could be upwards of 1 yard and could be done at ECB fix.
I am hearing that UK clearer has been notable buyer of the cross in recent trade giving some credence to the rumour. Take it for what you will, the talk’s out there.
Elsewhere talk UK clearer executed large cable sell order for model fund in thin market. Cable has been as low as 1.5381, presently at 1.5386.
Also gilt coupon payments due this week (thanks to Francesco), some of the interest paid being transferred out of sterling.
