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Oil Holds Close to Highs, Recovery Secured


EUROPE SUMMARY: Vol Trades En Vogue Post-ECB


Larger FX Option Pipeline

Cable: Oct27 close $1.3131,........>

STERLING SUMMARY: Cable: Oct27 close $1.3131, Oct30 Asia range $1.3106-49,
Europe $1.3127-69
*Euro-stg: Oct27 close stg0.8843, Oct30 Asia range stg0.8831-47, Europe
*Cable opened heavy in Asia, the move led by dollar strength in usd/jpy eased to
$1.3106 before fading
*Soft UST yields pared early losses to consolidate 5 pips either side of $1.3137
*Further dollar unwinds gave cable another boost, rate squeezed to $1.3149,
before tech resistance from the 38.2% $1.3278-1.3070 countered
*Cable consolidated into Europe, re-tested the area of earlier highs. The
rejection of $1.3150 allowed eur-stg to extend its recovery to stg0.8848
*Dip buyers emerged ahead of $1.3125, short covering squeezed through $1.3150,
triggering fresh momentum to $1.3169
*The cross largely held stg0.8836-44 for the balance of the session
*Main focus this week on Thursday's BOE rate decision, traders also reminded of
the usual eur-stg month-end demand.