At the moment it seems like a pretty ring-fenced issue and it doesn't look like it's going to spill over into the market at large, but any risk aversion resulting from problems with trading would be dollar negative.
More Quotes from Adam Cole:
It highlights the weakness of Blair's leadership and increases the risk on UK assets but like most political events of the past year, the impact is likely to be short-lived,Adam Cole
Sentiment is generally negative for the dollar even in the face of good news. The market is looking through the expected rate hikes. If you take away the interest rate support for the dollar... and the structural problem is still there, the trend for the dollar is downwards.
Adam Cole
I think the market has got too pessimistic on interest rates,
Adam Cole
The risk is that the deficit is rather worse than the market is looking for and if that's the case it may swing the focus back to structural dollar negatives and away from the interest rate focus.
Adam Cole
Even if these (falls) reverse partially next month, this is very bad news on domestic demand.
Adam Cole
It's just a bit of profit-taking and general nervousness.
Adam Cole
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