Pound Sharply Lower

The pound is sharply lower this morning, trading at $1.6110 against the dollar and 1.1585 against the euro.

Risk appetite appears to have gone out of the window this morning, with crude oil also sharply lower around $64/barrel.

Gordon McBroon warned over the weekend that the recession may get worse and the Times said that the BoE was set to increase it's QE spending by another £25 billion.

It doesn't take a lot to set off a run on sterling at the best of times, let alone in this jittery day and age.

Still, that may provide an element of underlying support for London wheat later today.