Woke up early this morning to do a forex news trade on the British Pound with the release of the UK PPI. It's a tricky trade as there are multiple numbers released and the one we chose to trade did not trigger. A shame, as that pair went up about 50 pips in seconds. We chose not to chase it, as there was a US report (also the PPI) coming out at 8:30 EST.
Well the pair hit a major psychological high, $2.00 for one GBP! The pair has not hit this price since 1992, so naturally there's a big buzz about it.
Across the board, the dollar is showing weakness in all the major pairs, except perhaps for the yen, which is also out of favor after the G7 conference last weekend.
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