Intra-Day Market Moving News and Views
28 Jan 2015 02:43GMT
GBP/USD - ...... Cable pares yesterday's rally to a 1-week high of 1.5223 in NY session n retreated from 1.5196 (AUS) to 1.5155 in Asian morning as lack of follow-through buying has led to long liquidation in the pound.
Trading in Tuesday's session was tricky as cable briefly tanked from European morning high of 1.5117 to 1.5060 after U.K. prelim. Q4 GDP came in below street forecast.
However, intra-day rally in eur/usd ahead of NY open triggered broad-based short-covering in sterling and intra-day gain accelerated once stops above 1.5120 were tripped, cable rallied strongly to 1.5223 after tripping more stops on the way up.
Intra-day retreat suggests 1.5223 top would hold from here as offers are tipped at 1.5185/95 and more above with some stops touted above 1.5230. Some bids are noted at 1.5150-40 and more at 1.5120-00 area with stops below there.
As no U.K. data are due out today, cable is expected to track intra-day swings in eur/usd.
With the Greek election over, market attention is turning to the U.K. general election which is now 99 days away.
On Tue PM David Cameron's Conservatives took the lead in 3 polls, while opposition leader Ed Miliband returned his campaign focus to the National Health Service.
ComRes Ltd. and Survation both put the Tories at 31% support and Labour at 30% , and YouGov gave the Conservatives the edge with 34% to 33%, suggesting the race to the May 7 vote remains on a knife edge. Labour had a lead of as much as 10 points a year ago.
The likeliest outcome of the election remains another hung Parliament, in which no party has an overall majority.
If neither big party were able to form a functioning gov't, that would raise the prospect of a 2nd election within a few months, for the first time since 1974.
Adding to the uncertainty that has rattled investors is Cameron's pledge of a referendum on staying in the EU if he's re-elected.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.