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Recovery off Thursday's posted YTD low of.....>

CABLE
MNI (London)
CABLE: Recovery off Thursday's posted YTD low of $1.2749 continued through
Friday's session, the release of better than forecast UK PMI data, then poor US
Svcs PMI data, provided an added lift through the day as rate touched a high of
$1.2981. Rate eased to $1.2962 into the close. Despite the recovery sterling's
correction trailed EUR/USD, which in turn allowed EUR/GBP to correct off its pre
NY low of Gbp0.8343 to Gbp0.8385, closing the day around Gbp0.8372. Cable's
corrective pullback extended to $1.2930 in early Asia, as risk was given a knock
by reports of Austria restricting train traffic from Italy due to COVID-19
spread. However, effects were seen more in EUR/USD which saw the cross drop back
to Gbp0.8343. Austria lifting the ban allowed for EUR recovery, cross edged to
Gbp0.8371, cable edged to $1.2959. Cable retained an underlying buoyant tone
through to Europe, aided again by EUR/GBP as rate eased back toward its earlier
low into Europe.
- A fairly light calendar for the UK this week. BOE Chief Economist
Haldane(hawkish) speaks at 1830GMT today.
- Cable support $1.2930, $1.2900, $1.2885/80. Resistance $1.2980, $1.3000.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MarketsForeign Exchange Bullets

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