Free Trial

Following release of EZ Mfg PMI data..........>

MNI (London)
CABLE: Following release of EZ Mfg PMI data attention switches to UK CIPs mfg
PMI (MNI consensus 47.7, Bbg 47.6 vs last 48.0) on the half hour. Cable saw a
low of $1.2101 earlier in Asian trade, the move lower seen as rate tracked the
deeper slippage in EUR/USD, before it recovered to $1.2137. However, with
recovery efforts seen lacking any meaningful momentum it keeps the downside in
focus, especially with the upcoming BOE MPC announcement at 1100GMT, where the
Bank is expected to shift view to neutral/dovish due to Brexit uncertainties,
from its recent view that the next move would be up. A break of $1.2100 to
expose the base of the 2.0% 10-dma envelope at $1.2091 ahead of $1.2070 and
stronger interest into $1.2050. Resistance seen at $1.2137 ahead of $1.2150/60.
EUR/GBP currently holding below Gbp0.9120 and back within its 1.0% 10-dma
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.