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Post-Fixing Rally Reverses Most Recent Cheapening


Demand Uncertainty Pushing Crude Lower

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MNI (London)
CABLE: Good demand seen at the Tokyo fix for Gbp/Jpy lifted cable from around
$1.4228 to $1.4263. Initial pullback met support at $1.4250 before rate touched
$1.4267 before momentum faded and general demand for Jpy influenced the rate
lower, eased to $1.4246 into early Europe. Rate currently trades around $1.4255.
Eur/Gbp recovered off its low of Gbp0.8628 Friday (Friday 1.0% envelope around
10-dma Gbp0.8627) to Gbp0.8666 before it settled around Gbp0.8660 into the
close. Rate continued to drift lower through Asia, posted a low of Gbp0.8649
before settling around Gbp0.8650 into early Europe. The 1.0% envelope has moved
down to Gbp0.8617(this envelope has been respected in recent sessions during the
easing phase). Resistance noted between Gbp0.8660/70. A light domestic calendar
in the UK Monday, though political fall out from the weekend military action in
Syria, turns attention on to US Retail Sales. Due this week UK, Employment
Report Tue Apr17(attention on wage growth), CPI Wed Apr18, Retail Sales Apr19. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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