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Sharp recovery off Tuesday's low of $1.3980...>

CABLE
MNI (London)
CABLE: Sharp recovery off Tuesday's low of $1.3980 extended to $1.4167 in NY
before it drifted back to $1.4140 into the close. Asia extended the corrective
rally, edged rate on to $1.4213 in early Europe before it ran into decent profit
take resistance. Rate currently trades back around $1.4285. Sterling expected to
be a major beneficiary of month end Usd flows (predicted by month end models for
today's fixes) and expected to keep rate buoyed. Below $1.4185 support seen into
$1.4165/60 ahead of stronger interest between $1.4125/00. Light UK data calendar
Wednesday, focus on US ADP and Fed Yellen's last FOMC. No change widely expected
but market look for pointers toward a possible March hike. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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