We’ve been focussing on this deal for a few days now because if it falls over, there will be implications for the FX market. A large currency hedge (short cable) was put in place some months ago when the deal was first agreed and if the deal falls over, the hedge will be removed. As Gerry noted last night during the London session, the big British bank that put the hedge on in the first place was a noted buyer of cable when it started on it’s 200 pip rally. This might be pure coincidence, then again it might not.