Free Trial

Struggling to Clear Above $1.3100 in Early Europe.

CABLE
MNI (London)

Cable extended its recovery off Friday's low of $1.3059 to touch a high of $1.3149 in early NY Monday before, like EUR/USD, momentum faded. Rate tracked EUR/USD slippage as the USD pared losses, easing to $1.3054 before the close at $1.3063. Positive sound bites concerning Sino-US trade negotiations provided the Asian session with a positive risk outlook, allowed cable to edge to $1.3115 before settling back around $1.3100 into Europe. Mild buoyancy noted but rate would need to break above $1.3150 to boost upside momentum. Support $1.3055/50. Preliminary month-end flows expected to bring USD sales, cable expected to be a beneficiary. Monday marks August month end, a UK holiday.

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

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.