Cable is doing what it does this morning, rising when it should fall, falling when it should rise…It rallied to 1.6377 amid Darling unveiling a 50% tax on evil bankers but soon fell back to 1.6294.
Traders fear the UK banking sector could be badly hurt by the combination of EU heavy-handedness and punitive tax policies, permanently killing the UK’s golden goose. It was a fun 25 years while it lasted…
EUR/USD has fallen back below 1.4750 despite several rounds of central bank buying. Looks like there remain entrenched selling interests toward the 1.4780/1.4800 area.