Sterling isn't exactly celebrating 'freedom day'

Cable falls to three-month low

Covid certainly has a sense of humor.

Boris Johnson is being delivered a full helping of hubris today after declaring it 'freedom day' and dropping covid restrictions.

He himself was forced into a U-turn after initially refusing to self-isolate after health minister Javid was diagnosed with covid.

Cases across the UK continue to rise and are now nearing the winter peak.

The good news is that hospitalizations and deaths remain low.

The message from the market though is that new lockdowns are increasingly likely. Or that lockdowns in less-vaccinated countries are destined to curb economic growth.

Technically, the double bottom at 1.3670 has to hold or we could be in for a flush lower. Cable has been very much a 'risk trade' this year and it's tracking in that direction today.