Large orders have been moving the markets for weeks on end but today we’re seeing some pockets of liquidity returning to the market. Dealers note a large sell order executed in cable over the last half-hour or so, knocking the pair briefly to 1.4985. The order was said to have been for 500 mln pounds. This gives legitimacy to talk if M&A-related buying of cable since the pound soon bounced back.
For some perspective, a rumored 200 mln pound sell order Friday moved cable 150 pips lower…Maybe life is beginning to return to normal.
