Pound Goes Up By Mistake

It's strange but true, the pound shot up to $1.6250 and over 1.09 against the euro today on....wait for it.....


That's right, after a string of disappointing - verging on the downright bloody awful - economic releases, no data whatsoever came out today. And that my friends is all it takes to get the pound moving upwards it would seem.

It seems as though Sterling is playing of catch-up, after being beaten down heavily in the last couple of weeks on fears over a misguided and counter-productive monetary policy.

Assurances today from MPC member Fisher that quantitative easing is now working seem to have been enough to spark what must be a short-covering rally.

I for one can't believe that we won't be back under the cosh again next week.