Free Trial

Pressure on sterling, following.......>

EURO-STERLING
MNI (London)
EURO-STERLING: Pressure on sterling, following dovish comments from OE Carney
and Tenreyro last week, and added to at the weekend by Vlieghe, continues in
early Europe, with positioning ahead of a slew of UK data at 0930GMT adding to
the weight. EUR/GBP closed the week above its 10-dma(current GBp0.8499), which
has changed last week's negative tone to positive. Rate gapped higher at the
Asia open from its Friday close of Gbp0.8513 to Gbp0.8538 only to ease off to
Gbp0.8521 in early profit taking, but dip quickly attracted fresh demand that
lifted rate on to Gbp0.8544 into Europe. Europe has taken over the baton and has
shoved rate up to Gbp0.8563, currently around Gbp0.8557. Resistance noted at the
Dec27 high of Gbp0.8566 with the top of the 1.0% 10-dma envelope moving into
view at Gbp0.8584.   
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.