The dollar and JPY have been safe harbors again today but the pound sterling is performing pretty well in a risk averse world. Yesterday’s successful placement of almost $18 bln in shares by HSBC has taken some of the heat off of the UK banking sector despite macro fears that there is still a huge amount of toxic debt worldwide that needs to be decontaminated.
Cable has seen Asian central bank buying on dips this morning while also getting the nod from Deutsche Bank. Resistance near-term is in the 1.4690/1.4710 region. More lies at 1.4740/45.