Earlier comments from MPC member Andrew Sentance have increased UK inflationary concerns. The comments will have many bringing forward the likely timetable for a UK rate hike.
Cable is at 1.6212 having been upto a session high 1.6223. Talk of Middle Eastern selling interest having emerged above 1.6200, but it hasn’t really slowed progress too much so far. It should be remembered there was talk of Middle Eastern sovereign purchases recently down around 1.6100. Maybe a little bit of profit taking.
The aforementioned UK oil company demand is seen as ongoing through next Monday.