EUR/USD reached 1.2705 on the latest rally, squeezing out intraday shorts. Dips in the single currency have been limited to the 1.2630s despite weak US equities and a modest recovery in equities has helped fuel the short-covering pop. Cable remain in demand as well, trading back above 1.50 following a modest dip into the 1.4970s.
On the wires, UK PM Brown takes the opposition Tories to task, saying it is higher irresponsible for them to give running commentary on the pound. Yeah, that’s my job.
