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Once again, sterling was smashed overnight, in-line with overall risk appetite as all risk assets succumbed to widespread, fear-based selling.
After opening yesterday’s session at 1.5497, it traded to a low of 1.5326 before settling around the 1.5340 mark. In economic news, the CBI industrial order expectations figure didn’t do anything to help confidence, slumping to a reading of -9 versus an anticipated -5, and a figure of 1 last month. Cable really is at the mercy of global market sentiment at the moment and hasn’t been helped by the increased dovishness of the Bank of England board. Looking ahead, sterling is going to be at the whim of global sentiment this evening. Will traders see the overnight falls as overdone and look to buy, or will there be another wave of panic selling?