Reason behind GBPUSD rally on Dec 30?
Anyone have any idea what caused this rally from Dec 30?
http://img697.imageshack.us/img697/1176/gbpmove.j…
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Just a guess, but it looks like UK housing prices reported a big gain sometime during the past week.
http://news.bbc.co.uk/2/hi/business/8435745.stm
I'm surprised the pound did not continue falling considering the US 10-yr rate soaring over the last week.
According to this (see link below), it was announced on Thursday the 31st, however the big move began on Wednesday the 30th http://www.dailyfx.com/calendar/index.html?week=2010/0103&dir=b&sort=da…|
Also, the forecast was 5.6% and I don't think the realized figure of 5.9% (30 bps higher than forecast) was high enough to justify such a big move.
Yeah, and particularly odd given Mr. Brown's words.
I would think it was likely due to 2 things: 1) Low volume, so bigger movements have a much larger impact 2) EOY re-positioning and taking care of loose ends on the books
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