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Short Sterling – March 2010

Nicole Elliott from Mizuho Corporate Bank at 11/04/09


Comment: Whatever the Bank of England does about Quantative Easing at tomorrow’s meeting, they will probably be damned if they do and damned if they don’t. The UK taxpayer is sick and tired of the billions given to bankers and now NS&I has been roped in to raise money for the Treasury to bail out RBS. Position-trimming in this contract over the last week suggests disappointment it did not set a new record high though 3-month Libor remains stuck around 0.59%. We still feel futures contracts can and will trade higher, pushed up by very large Ichimoku ‘clouds’ and bullish moving averages.

Strategy: Attempt small longs at 99.160; stop below 99.090 to re-buy closer to 99.020. Target 99.250 and then 99.450/99.520.

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