Dealers note strong buying of cable from the 1.6550 level all the way up through 1.6600 and the pound remains underpinned.The demand seemed to come under duress, traders say. This means the buyer really wanted them cheaper but was forced to pay up to cover his exposure, just like us mere mortals.
Institutional investors were strong sellers of EUR/USD in the 1.4160/70 area as well.
Gerry is reaching for his LL Bean catalog as we write. the invisible hand is at work!
