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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.
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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Release of stronger than forecast UK CPI......>
CABLE: Release of stronger than forecast UK CPI Wednesday saw an initial
positive sterling react which took cable up to $1.3023 only for it to reverse as
a change in risk outlook took over the drive. Optimism for the containment of
COVID-19 spread in China provided a boost for risk appetite, USD/JPY provided
the lead with general USD demand taking cable to a low of $1.2908 through the NY
session. Rate recovered to $1.2930 before closing around $1.2921. Reports of
virus spread in S.Korea, along with two reported deaths from the Diamond
Princess cruise liner, countered Wednesday's risk move and allowed cable to
nudge up to $1.2929 before momentum faltered. USD/JPY, which had been sold back
to Y111.13, off Wednesday high of Y111.59, rallied back into Europe to Y111.64
which placed further pressure on cable, via USD demand, taking rate to $1.2885.
- Support $1.2872 Feb10 YTD low, $1.2850, $1.2835/30. Resistance $1.2930,
$1.2950/55, $1.2970/80.
- UK Retail Sales at 0930GMT, market median ex-petrol 0.8%mm, 0.5% yy; Incl.
petrol 0.7%mm, 0.6%yy. CBI Trends due at 1100GMT.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.