Free Trial

Pulled lower by EUR/USD's stronger reaction...>

CABLE
MNI (London)
CABLE: Pulled lower by EUR/USD's stronger reaction to an FT report suggesting
ECB concern over EU bank's exposure to Turkey. Rate was pressed through support
at $1.2800, posted a fresh YTD low of $1.2798. Rate currently trades around
$1.2810. The slower move lower in cable allowed EUR/GBP to extend its corrective
pullback away from Thursday's high of Gbp0.9031 to a low of Gbp0.8935. Cross
currently trades around Gbp0.8947. Support remains in the $1.2800 area, a clear
below to expose $1.2775/74 (Dec6 2016 high/Aug27 2017 low). Resistance at the
earlier Asian high of $1.2837 ahead of $1.2850-55. UK Q2 GDP in focus, released
at 0830GMT alongside UK IP/Mfg, Trade and Construction data. Market median for
GDP 0.4%qq, 0.2%mm.  
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.