Pound Gets Nosebleed
The pound is up to it's highest level against the dollar since early August this morning, breaking through USD1.68 on a feeling that all the bad news might finally be out of the way.
There seems to be a general belief that last week's extra GBP25 billion of QE might be the last lot of good money to be thrown after bad.
There is also a delayed reaction weakness about the dollar, after Friday's news that non-farm payrolls rose more than expected, pushing unemployment up to 10.2%.
The weekend meeting of G20 muppets appeared not to address the issue of a weak dollar, encouraging further shorting of the greenback this morning.
Another bullish factor being cited for the pound today is the hostile GBP10 billion bid allegedly being lined up by Kraft for the nation's favourite chocolate manufacturer.
There seems to be a general belief that last week's extra GBP25 billion of QE might be the last lot of good money to be thrown after bad.
There is also a delayed reaction weakness about the dollar, after Friday's news that non-farm payrolls rose more than expected, pushing unemployment up to 10.2%.
The weekend meeting of G20 muppets appeared not to address the issue of a weak dollar, encouraging further shorting of the greenback this morning.
Another bullish factor being cited for the pound today is the hostile GBP10 billion bid allegedly being lined up by Kraft for the nation's favourite chocolate manufacturer.
