{"id":297,"date":"2009-10-15T09:34:52","date_gmt":"2009-10-15T13:34:52","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=297"},"modified":"2009-10-15T10:23:58","modified_gmt":"2009-10-15T14:23:58","slug":"paul-fisher-sparks-pound-rally","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2009\/10\/15\/paul-fisher-sparks-pound-rally\/","title":{"rendered":"Paul Fisher QE Commentary Sparks Relief Rally in the Pound"},"content":{"rendered":"<p>Small comments can spark big moves in the currency market. <\/p>\n<p>Yesterday afternoon, Chris Giles of the Financial Times posted <a href=\"http:\/\/blogs.ft.com\/money-supply\/2009\/10\/14\/mr-qe-speaks-to-the-ft\/\">a summary of his interview with the Bank of England&#8217;s head of markets and quantitative easing Paul Fisher<\/a>. Fisher rejected the notion that the Bank of England has made a conscious effort to direct future exchange rates:<\/p>\n<blockquote><p>&#8220;The Bank thinks currency movements on the back of so-called &#8216;Bank signals of benign neglect on sterling&#8217; is absurd. All the Bank\u2019s comments on the exchange rate have been explaining the past, not commenting on the desired future levels of the pound.&#8221;<\/p><\/blockquote>\n<p>While it does not appear the markets responded immediately to this news, it is the closest thing I can find for an explanation of the pound&#8217;s rapid ascent in the past 18 hours or so against all the major currencies. At the time of writing, the pound is up about 1.6% against the dollar from yesterday&#8217;s close of the U.S. markets.<\/p>\n<p>For now, I am sticking with <a href=\"http:\/\/drduru.com\/onetwentytwo\/2009\/09\/13\/short-the-pound-anyway\/\">my call to short the pound from early last month<\/a>. My read on <a href=\"http:\/\/drduru.com\/onetwentytwo\/2009\/09\/23\/boe-no-news-on-negrates\/\">the latest Bank of England minutes<\/a> and <a href=\"http:\/\/drduru.com\/onetwentytwo\/2009\/09\/24\/mervyn-king-confirms-weak-pound-strategy\/\">Governor Mervyn King&#8217;s subsequent comments<\/a> remains the same: the Bank of England prefers a weaker currency. Accordingly, I am starting new short positions today. I will rapidly grow the positions if the pound confirms a new round of weakness.<\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: short GBP\/USD, GBP\/JPY<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Small comments can spark big moves in the currency market. Yesterday afternoon, Chris Giles of the Financial Times posted a summary of his interview with the Bank of England&#8217;s head of markets and quantitative easing Paul Fisher. Fisher rejected the notion that the Bank of England has made a conscious effort to direct future exchange &#8230; <a title=\"Paul Fisher QE Commentary Sparks Relief Rally in the Pound\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2009\/10\/15\/paul-fisher-sparks-pound-rally\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20],"tags":[56,128,229],"class_list":["post-297","post","type-post","status-publish","format-standard","hentry","category-forex","tag-bank-of-england","tag-british-pound","tag-paul-fisher"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paul Fisher QE Commentary Sparks Relief Rally in the Pound - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2009\/10\/15\/paul-fisher-sparks-pound-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paul Fisher QE Commentary Sparks Relief Rally in the Pound - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Small comments can spark big moves in the currency market. Yesterday afternoon, Chris Giles of the Financial Times posted a summary of his interview with the Bank of England&#8217;s head of markets and quantitative easing Paul Fisher. Fisher rejected the notion that the Bank of England has made a conscious effort to direct future exchange ... 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