Now that the dust is settling after a confused period in which dealers were trying to figure out whether there had been intervention, whether the market was falling of its own weight, whether it had missed a headline, EUR/USD has managed to dust itself off and rebound back to the 1.4550s.
The even more impressive comeback is in Cable. The pound is trading back up at 1.6650 after a dip to 1.6590 as the dollar made its morning comeback.
The surprise now would be that cable has the strength to overcome 1.4660/65 resistance. EUR/;USD will be more reluctant to venture much above 1.4600 today, I’d hazard a guess. We trade now at 1.4553.
