STERLING SUMMARY: Cable closed in NY Wednesday at $1.6165 after rate had managed... STERLING SUMMARY: Cable closed in NY Wednesday at $1.6165 after rate had managed to recover off extended pullback lows of $1.6119, from earlier Asian highs of $1.6258, to a NY high of $1.6182. Rate remained buoyed above $1.6160 through the early part of Asian trading overnight, contained by $1.6162/67, before risk was given a boost by release of strong China PMI data. Cable rallied to $1.6203 before momentum faded and sellers emerged to take advantage of the show above the figure. Rate settled between $1.6186/91 ahead of the European open. Strong Asian sovereign demand for euro-dollar emerged into opening Europe, which took this rate through resistance at $1.3800, the demand seen linked to reserve balancing after overnight intervention dollar buys, and took cable with it as similar buys were seen which took rate up to $1.6223 before momentum faded. A sharp move lower in euro-dollar on disappointing PMI data took cable back below $1.6200, but euro-dollar move outpaced and allowed the cross to ease away from highs of stg0.8528 to stg0.85075, supporting cable around $1.6168. Recovery efforts were capped above $1.62, and with the cross recovering above stg0.8520 saw cable sit back at $1.6175/80 late morning.
Posted on: Thu, 24 Oct 2013 09:34:08 +0000
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