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Free AccessCable Holds Gains as Month End Looms
Reaction to Fed Powell's speech at Jackson Hole saw cable mark a fresh YTD high of $1.3284 in reaction to the dovish comments, but market quickly reversed on the sharp bounce in UST yields. Cable dropped to $1.3162, recovered to $1.3233 before it settled around $1.3200 into the close. Rate touched an early low in Asia of $1.3186 before the USD came under fresh pressure which allowed rate to rally to $1.3273. Rate eased to $1.3255 ahead of Europe before fresh demand began to emerge in the new session. Rate currently trades around $1.3265. Month-end on Monday, though that is a bank holiday in the UK. Prelim models have suggested that sterling to benefit from month-end USD sales which could see rate buoyed through the day. Resistance now seen at $1.3273 ahead of Thursday's YTD high of $1.3284. A break here brings the $1.3300/15 area into play. Technical traders have suggested that this area may prove tough to break, at least on initial challenges, if rate can move above seen opening potential toward $1.34/1.35. Support $1.3180, $1.3160/50.
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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.