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2022 Growth Seen At 4.1%: Finance Minister


Approaching Key Support


WTI Narrows in on Cycle High

Struggling to Build Above $1.3100


Disappointing comments from the UK/EU Brexit discussions prompted Cable to reverse away from its early Europe high of $1.3255 Friday. Move lower was fuelled by the stronger correction in EUR/USD, influenced by the release of poor flash PMI data, with strong US PMI and House data adding weight in the afternoon to take cable to a low of $1.3059. Weaker longs were squeezed out in the move but underlying tone remains buoyant with traders looking to move into dips. Cable close in NY holding just under $1.3100. Asia consolidated this move within a relatively tight range of $1.3079/1.3101, the top contained by Friday's recovery high off $1.3059, before early Europe edged rate to $1.3107. Some risk appetite noted in Asia to the reports the Trump admin considering emergency authorisation for the AstraZeneca/Oxford vaccine. This week's Jackson Hole Symposium in focus, along with the Republican Party National Convention. BOE Haldane in Edinburgh Wednesday, BOE Gov. Bailey speaks at JH Aug28. Support $1.3079, $1.3059/49, $1.3030, stronger into $1.3000. Resistance $1.3130/35, $1.3155/65, $1.3180/85.