Free Trial

Cable has been operating within a 15 pip......>

CABLE
CABLE: Cable has been operating within a 15 pip range in early Asia-Pac trade,
and last deals at $1.3061 after slipping nearly 70 pips Thursday. 
- The pair followed a choppy path on the back of mixed news flow re: Brexit, as
Theresa May's Gov't is due to meet on Monday to discuss a complete draft of a
Brexit deal. However, some of the PM's proposals still face scepticism among her
ministers. 
- In late NY trade, cable came under pressure from broader dollar strength, as
DXY edged higher immediately after FOMC decision left policy unch. setting the
scene for a December hike. 
- The latest round of Brexit rumours have been played down by PM May's office,
both in EU & Asia-Pacific hours. 
- Bears eye the 100-DMA at $1.3037, as a break below would open up the
55-DMA/Nov 7 low at $1.3026/21. On the upside, bulls need a break above the 50%
retracement from 2016 lows to 2018 highs at $1.3109 before trying to retake
yesterday's highs of $1.3150. 
- UK focus today falls on GDP, trade balance & production figures.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.