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Impulsive Rally Extends

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Late Eurodollar/SOFR/Treasury Option Roundup

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CABLE
MNI (London)
CABLE: Tracked EUR/USD's positive response to Trump/Juncker trade talks, the
rate able to extend its recovery off Wednesday's low of $1.3133 to $1.3201 in
NY. Rate pulled back to $1.3185 ahead of the close but picked up fresh demand
interest into Asia as rate pushed up to $1.3213 before momentum faded. Traders
suggested that a risk off tone(US/EU trade talks seen placing more emphasis on
the US/China trade spat) emerged which eased rate back, then held around $1.3200
into Europe. Into Europe and the USD has come under another round of sell
pressure which has allowed the rate to edge back toward $1.3210. Moves currently
being led by EUR/USD, though this pair seen reacting to USD/JPY easing, as
EUR/GBP continues to hold between Gbp0.8885/95. UK Govt now in recess until Sep4
and Brexit headlines have dried up though remain in the back ground. Attention
on today's ECB announcements, next week's BOE meeting the main interest for
sterling as most still see a rate hike. Cable support $1.3186 ahead of $1.3170.
Resistance $1.3214/17 ahead of the weekly cloud base at $1.3227. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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