Pound pops at the fix as May cosies up to China
Just in case you were wondering about that pop in the quid.
Quick moves for cable to 1.2440 from 1.2390 odd. EURGBP back down to where it started this morning at 0.8591.
GBPJPY too as it largely matches the Asia highs.
It looks like a big fix move but due to the falls seen today, that can compress markets and so we see a bigger reaction as stops get run from those shorts. It's almost like a domino effect.
As it is the moves are still going as UK PM Theresa May comes out and says she's going to be working on trade deals with China in her upcoming visit.
- China visit will be an expression of close relationship between the two countries
- Expects trade to be discussed
- Vote in parliament on Brexit deal will be a choice between accepting a deal or leaving without a deal
GBPUSD now trades up to 1.2477.