We flirted with the 1.70 level as end of month flows went through and now there’s chatter that they’ll be some buying at the 12 o’clock fix in 5 minutes or so. Cable has run up to 1.7041 in this latest bout. There’s also chatter that we’ll be seeing it bid up as the later London fix approaches at 16.00 (gmt+1) As I mentioned earlier this morning the markets are still doing plenty of end of month/quarter/half business so don’t get sucked in by these moves. (full story)