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Needle Still Points South


Oil Holds Close to Highs, Recovery Secured


EUROPE SUMMARY: Vol Trades En Vogue Post-ECB

CABLE: Sterling remains under pressure in late Europe morning trade with
position adjustments seen ahead of today's Super Thursday BOE MPC announcements.
A hike of 25bp is widely expected with traders watching for the vote split, 7-2
seen neutral, 8-1 hawkish, while 6-3 and tighter would be seen sterling
negative. Future rate path also in focus, a tight vote split might be seen as
one and done, just correcting the emergency 25bp cut post Brexit referendum.
Cable has eased off to $1.3217, having seen a recovery high of $1.3300 in Asia.
Eur/Gbp is trading back above Gbp0.88, currently around Gbp0.8808. 
MNI London Bureau | +44 203-586-2231 |