All the talk is trade, but the action is in Europe
The big moves in the market today are the drops in the euro, pound and Swiss franc. The selling has been relentless since the ECB decision, which didn’t offer anything earth shattering.
But the selling has been non-stop and in the latest move, EUR/USD touched below 1.23 and cable dipped below 1.38.
Both are mere retracements of the gains in the past 3 days but they speak to resilience for the US dollar despite the trade talk.
Cable 30 minutes: