There are not many absolute truths in this world, but one is that it’s pretty damn hard to trade the foreign exchange market.
Exhibit 7082981 from the GBP/USD cross this morning (via Alphaville chum Toby Nangle):
Yep, cable is right back to where it was before Boris Johnson’s resounding election victory on Tuesday. The issue seems to be the Prime Minister’s signalling that he’s willing to pass legislation that would create a “cliff-edge” Brexit if the UK fails to strike a deal with the EU by the end of 2020.
So much for the “a majority gives Boris scope to be the Tory liberal” narrative that’s been peddled since Thursday’s results eh?
Regardless, cable’s round trip seems to have excited one of our favourite parts of online Twitter: hedge fund truthers. Apparently, this might be a ploy by evil fundies, the puppet-masters of Johnson’s campaign and Brexit, to make a quick buck on forex:
The country be damned.
Perhaps a more reasonable interpretation would be that trading the forex is a mug’s game, and no-one really has a clue what’s going to happen in British politics over the next half decade -- not least our current prime minister. But we digress.
http://ftalphaville.ft.com/2019/12/17/1576578593000/Thank-you-playing-the-forex/
2019-12-17 10:55:00Z
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