Sterling is pretty impressive! Credible spending cuts key to confidence!

CHFGBP: It's gone from 1.52 a few days ago to 1.574 now.

I nearly sold some at 1.545 thinking: 200 pips is enough for a day!? I'd now be out of 300 pips!

I guess I didn't sell CHFGBP for two reasons:

1. the current government seems to be genuinely doing something big about spending which leads to 2.

2. S&P have given the thumbs up, green light to the new strong spending cuts....

Now if the US can do something as convincing as the UK, the world economy is going to exhale a huge sigh of relief and the markets will be off to the races!

BTW: Did you see that chinese IPO the day before yesterday on the Nasdaq. The two leads UBS and Credit Suisse must have made a killing on that one (+60% on the open)! Also the two yesterday were pretty decent coming in with +5% gains....I think Q4 is going to look pretty good compared to Q3! IPO pipeline is always a good gage of markets. And it's full.