Free Trial

Month-end flows allowed cable to stretch......>

CABLE
MNI (London)
CABLE: Month-end flows allowed cable to stretch its recent recovery to $1.3150
Monday before it drifted back though met support on approach to $1.3100 which
kept it buoyed into Asia. Demand in Asia lifted rate back to $1.3136 but
struggled to build further with rate again drifting lower, currently trading
around $1.3112. Quiet markets expected into year end(early closings noted)
though activity at fixes could become volatile due to the thin trading
conditions, though a good part of the expected USD selling to be seen has mainly
been covered. Latest models confirm earlier predictions that USD sales to be
seen. A light data calendar, attention on US Case-Shiller House data and US
Consumer Confidence.
- Cable support $1.3100, $1.3086 stronger into $1.3070 and $1.3050. Resistance
$1.3150, $1.3200/10.   
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

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.