Cable is now down just 9 pips on the day after recovering more than 60 pips from the lows. It’s part of a broader US dollar slide in the last hour or so that’s unwound earlier USD gains (ex yen).

I think the cable chart does a good job of illustrating a few trends that are ongoing, and the biggest trend of the year — USD weakness. You’ll see three attempts to sell cable in the past week and all three have been picked up by bidders, including Thursday’s dip on non-farm payrolls.

Even when there is fundamental news underpinning a USD bid, sellers are appearing. To me there is an undercurrent this year of structural shifts out of the US dollar. Aside from the tariff drama, it’s not entirely clear why there is such a strong, steady shift even as US tech stocks rally to new highs but it’s persistent and real and underscored by the price action again today.

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