I’m now hearing from the interbank market that there are some decent bids around 1.6550 in the cable from what are euphemistically called “good directional accounts”. These are accounts which normally know what is going on and whilst they may not be huge themselves, they have a tendency to pick good levels (read- they know something). Why didn’t I hear this when the cable market was 40 pips lower at 1.6560 and I could have covered some of my shorts for a tidy profit! No matter, looks like a 1.6560/1.6630 range should keep this pair enclosed until the NFP numbers later today.