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Bund close the downside gap


SONIA FIX - 07/04/22


JAPAN FIX - 07/04/22

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MNI (London)
STERLING SUMMARY: Cable: Aug10 NY range $1.2971-1.3013. Aug11 Asia open $1.2977,
range $1.2974-99. Current $1.2997(0440GMT)
* Eur/Gbp: NY range Gbp0.9012-75. Asia open Gbp0.9069, range Gbp0.9060-69. 
* Cable recovered off Thu low of $1.2952 to $1.3013 in early NY then drifted off
to $1.2970 before it settled around $1.2980.
* Eur/Gbp had touched a low of Gbp0.9009 pre NY then tracked Eur/Usd recovery to
* Move up in the cross had pressed back on cable then countered any recovery
hopes in the NY session. 
* Cable consolidated between $1.2974-85 in early Asia then picked up demand
which took it to $1.2999 ahead of Europe.
* Risk off plays continued in NY/Asia, sales of Gbp/Jpy provided a counter to
sterling recovery efforts.
* Focus on US CPI for next directional impetus. Median 0.2%mm, 1.8%yy; core
0.2%mm, 1.7%yy.
* Cable support $1.2970, $1.2950. Resistance $1.3015, $1.3030.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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