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Tentatively further extends recovery off......>

MNI (London)
CABLE: Tentatively further extends recovery off the Jun28(YTD) low of $1.3050 to
$1.3216 in Asian trade, though rate continues to find progress above $1.32
sticky. Sterling was able to take advantage of the overnight pressure on the
USD, albeit minor, the US unit feeling the weight from PBOC actions as it worked
to stem the recent easing in the CNY. The Usd did reclaim some lost ground ahead
of Europe, cable eased to $1.3195 before fresh demand emerged into Europe. Rate
has been able to reclaim the $1.32 handle but upside progress so far seen
lacklustre. UK Services PMI at 0830GMT to take centre stage on the domestic data
front. Services PMI seen as the most important of the PMI set, manufacturing and
construction in the preceding sessions have come in stronger than forecast.
Market median 54.0. Resistance now seen at $1.3216/21 ahead of $1.3234/38 and
$1.3250. Support $1.3188 ahead of $1.3160/50. 
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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