Oil nosedive, pound up
Chicago soyoil, locked in limit down last night is again limit down in virtually all positions this am.
Chinese soybean futures have settled sharply lower overnight as speculators and inverstors bale out sending soyoil futures limit down there as well.
Meanwhile the pound is back up over $2, climbing to its highest level in almost three months, as traders pare bets on interest-rate cuts by the Bank of England.
Sterling is heading for its biggest weekly advance against its U.S. counterpart since January and rebounded from a record low versus the euro after the U.K. central bank held its main rate at 5.25 percent yesterday.
Chinese soybean futures have settled sharply lower overnight as speculators and inverstors bale out sending soyoil futures limit down there as well.
Meanwhile the pound is back up over $2, climbing to its highest level in almost three months, as traders pare bets on interest-rate cuts by the Bank of England.
Sterling is heading for its biggest weekly advance against its U.S. counterpart since January and rebounded from a record low versus the euro after the U.K. central bank held its main rate at 5.25 percent yesterday.