Free Trial

Cable was pulled higher by the strong.........>

MNI (London)
CABLE: Cable was pulled higher by the strong positive reaction in EUR/USD to the
EU Leaders Summit migration agreement, announced overnight. Rate initially
rallied to $1.3121, further extending its recovery off Thursday's posted YTD low
of $1.3050. After easing to $1.3094 rate extended the react move to $1.3129 into
Europe. This recovery was somewhat dampened as EUR/GBP was also pushed higher,
the rate extending its recent recovery to Gbp0.8890. EUR/USD has drifted back
toward $1.1640, allowing EUR/GBP to ease to Gbp0.8875, while cable eases off to
$1.3115. UK GfK consumer confidence, released overnight, slipped to -9 vs a
forecast -7, but remained off recent lows. UK final reading of Q1 GDP due at
0830GMT, expected to remain at 0.1%qq. Attention today on release of EZ Flash
CPI at 0900GMT. Market to be on Brexit headline watch as the EU Leaders Summit
continues today. Month-end flows also a possible influence. Bank models seen so
far seem to be fairly neutral, but EUR/GBP often prone to month-end demand.
Cable resistance $1.3130 ahead of $1.3150. Support $1.3100, $1.3070/60.   
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

To read the full story



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.