ZEW insititute April German economic sentiment index has come in at 13.0 versus -3.5 in March, and someway better than the median forecast of 1.5. This is helping improve risk sentiment, with EUR/USD having rallied to 1.2980 at writing.
Elsewhere cable has extended its rally to 1.4600.
Some will have noted comments made by BOE MPC member Paul Fisher regarding fx intervention. Fisher told Parliament’s Treasury Committee
“It is an instrument of policy that you can’t neglect and you can’t say never and so one always has to be prepared to have all the instruments at your disposal and so we have foreign exchange intervention at our disposal should it be necessary.”
Yes, all very interesting. Two chances of BOE intervention in the foreseeable future, nil and….
