GBP sell off led by the EUR; single currency to win out all round

GBP has come back sharply, with the cross rate leading the way and ripping back up to new highs on the day at .7920.  Many will point to European central bank demand, but in Cable we also noted a wealth of offers lining up ahead of 1.4450, and this is just as likely to have sparked the sharp turnaround.  That said, we did note a bid tone in all EUR pairs this morning, and after the spot rate took out the Feb 1.1375 highs, the cross rates were temporarily left behind in what looked like a USD based move.  USD/JPY was starting to feel the pressure accordingly, but as EUR/JPY joined in on the upturn, the former rate started to find its feet.  Like we noted previously, it looks as though the EUR is set to for a favourable day all round, irrespective of the broader themes in play elsewhere.

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