Intra-Day Market Moving New and Views
30 Sep 2014
GBP/USD - ...... U.K. Sept Nationwide house prices +9.4% y/y n -0.2% m/m. U.K.'s Nationwide says 'Q3 London house prices +21% y/y vs Q2 25.8%, 31% above 2007; U.K. house prices may soften in Q4, but outlook uncertain.''
Cable shrugged off the release of weaker-than-expected house price data and climbed above Asian high of 1.6268 to 1.6271 shortly after European open.
Fresh bids are noted at 1.6240-30 and more at 1.6220/15, then 1.6210 with mixture of bids and stops emerging below 1.6200.
On the upside, offers are placed at 1.6275/80 and 1.6290/95 with stops placed just above 1.6300.
Earlier cable swung wildly on Monday as despite a brief fall to 1.6210 in tandem with euro at NZ open, price ratcheted higher in Asia and Europe on broad-based weakness in greenback.
Later, the British pound climbed to a session high of 1.6275 in NY morning before retreating to 1.6245 and then 1.6225 shortly after Asian open on Tuesday.
Range trading above yesterday's low at 1.6210 is expected until European open as investors are reluctant to add bets ahead of the release of U.K. current account and the confirmation of Q2 GDP reading at 08:30GMT.
Bids are noted at 1.6220/15 n then 1.6210 with mixture of bids and stops located around 1.6200. On the upside, offers are placed at 1.6250-60 and then 1.6275/80 with stops placed just above 1.6300.
Market expects the U.K. Q2 final continues to post strong readings with a growth of 0.8% Q/Q and 3.2% Y/Y.
Meanwhile, economists estimate U.K. Q2 current account deficit to narrow to 17.00 bln pounds from 18.5 bln pounds in Q1 (in the other way to show increasing demand for pounds from foreigners).
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