Cable isn’t having a very good day today, presently down at 1.4570. The long-dated gilt auction failed to be fully covered this morning casting doubts over the quantitative ease programme being undertaken by the government, and then UK CBI retail sales balance for March came in lower than expected at -42 against -25 in February and a median forecast of -35. Sterling looks in need of a strong Wall Sreet rally today with financials leading the way.
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