Thursday, January 10, 2008
While the Bank of England stood pat, the follow through in sterling has been tepid. to say the least. Macro Man will therefore dip his toe, executing half of his sterling basket trade (described below) at 1.9650 and 0.7468 spot basis (1.6520 on the basket.) He'll offer the balance at the level described this morning, i.e. 1.6550.