Just a faint whiff of 2008 over the last 24 hours with the GBP, AUD and CAD getting hurt whilst the EUR and USD outperform. The main difference so far is that there is no sign of rapid strengthening in the JPY or the CHF. Just goes to show how ‘logically’ the FX market behaves with the EUR outperforming the CAD on the back of a possible French credit rating downgrade!
The GBP is getting hurt by bad economic data but I certainly hope it holds up as I increased my cable long after the 61.8% at 1.5615 held first try. The AUD is at the mercy of China-related news and global risk sentiment.
Good luck today.
