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Flash PMI's in Focus But Brexit Remains Key Driver.

CABLE
MNI (London)
  • Early release of stronger than forecast UK Retail Sales did little to stem the corrective pullback from Wednesday's high of $1.3177.
  • Asia saw a low of $1.3057 as the USD gained a boost through the Trump-Biden debate (post debate polls suggest Biden remains ahead), which along with no advance on US fiscal recovery fund provided the USD demand.
  • Early Europe pressed rate toward $1.3050, touched a low of $1.3051 with recovery efforts so far holding shallow.
  • Brexit trade talk developments remain the key driver for sterling strength. Barnier in the UK, talks expected to extend through the weekend. Beware headlines.
  • Focus on release of UK flash PMI's at 0930BST.
  • BOE Ramsden(dove) speaks at 1500BST.
  • Gbp1.1bln of GBP calls roll off at the NY cut with between $1.3090-1.3100.
  • Support seen into $1.3050 ahead of $1.3030/20. Key support $1.2940(MNI Techs). Resistance $1.3090/1.3100, $1.3125/35.
  • EUR/GBP holds below its 10-dma(current Gbp0.9061) and keeps underlying sterling tone buoyant.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
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MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
BulletMarketsForeign Exchange Bullets

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