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Trend Needle Points South


Fed Terminal Up To 5.06% in June 2023


Heading North


Late Dec/Mar Tsy Roll Level Update

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MNI (London)
CABLE: Sterling trades with a firm tone in early European trade Friday, cable
extending its recovery away from Thursday's low of $1.3782 to $1.3826 (Asia
range $1.3788-1.3816) at writing. If rate can build further expected to meet
next resistance up at $1.3850/55. Domestic focus this morning on release of UK
Trade and IP/Mfg data. The release of IP to provide the first hard inputs into
Q1 GDP(RBC). RBC adds that temperatures in Jan were close to the long term norm
with the recent cold snap to appear in Feb numbers and its increase in energy
demand. Outlook for IP/Mfg seen positive, median IP 1.5%mm, 1.9%yy; Mfg 0.2%mm,
2.8%yy. Into the afternoon and US Employment Report will draw the main
attention, median for NFP seen at 205k though more interest noted for AHP,
median 02.%mm, 2.8%yy. Brexit comment remains a directional factor.  
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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