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There is talk circulating the London mkt
that UK life insurance companies have been BIG buyers of sterling as they
repatriate funds to shore up their capital adequacy ratios (take a look at
what's happened to the FTSE since 1/1). Specifically there was one company
that did a £2bn trade this morning.
I am speculating here (no pun intended) that
the swift sell off we saw in the US indices was related to the same trade as
cable popped higher soon after we came off the index highs.
FWIW.
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