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Cable Holding Above $1.3400 as UK Returns

CABLE
MNI (London)

Month end flow managed to push rate to an extended high of $1.3395 in a UK holiday thinned market Monday, failing to find the momentum to push above $1.3400 before easing off to $1.3359, settling around $1.3375 into the close. Cross JPY demand at the Tokyo open provided the necessary lift to take cable through $1.3400, holding the move before nudging onto $1.3419(1.618% swing of Monday's drop back from $1.3395 to $1.3356) into Europe. Rate currently trades around $1.3414. A break and clear of $1.3420 to expose $1.3450 ahead of $1.3480. Support remains at $1.3400 ahead of $1.3360/50. UK lending data due at 0930BST alongside final UK Mfg PMI data.

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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