Intra-Day Market Moving News and Views
04 Mar 2015 07:44GMT
GBP/USD - ..... Cable rebounds right at European open as a wave of broad-based buying in sterling lifted the pound. Although price briefly fell below yesterday's 1.5344 low to 1.5340, buying interest above last week's bottom at 1.5333 quickly pushed price higher.
Traders cited short-covering ahead of release of the very important U.K. February services PMI was the main factor behind the intra-day bounce.
As mentioned in previous update, street forecast is looking for a mildly upbeat reading of 57.5 vs previous fig. at 57.2, a stronger number should trigger further buying spree in the sterling.
For now, bids are noted at 1.5350-40 with fairly large stops below 1.5330 whilst offers are tipped at 1.5380/90 with stops above 1.5400.
Earlier the pound moves narrowly in subdued Asian trading on Wednesday following yesterday's roller-coaster move. Despite staging a recovery to 1.5398 at Euroepan open, traders gave cable a bashing n knocked price to session lows of 1.5344 at NY open but only to bounce back to 1.5393 due to dlr's renewed weakness, however, price pared intra-day gain and fell back to 1.5357 in Australia before stabilising.
Range trading above said yesterday's 1.5344 low is envisaged until the release of the last but most important U.K. February services PMI (the index showed the dominant services sector which accounts for 75% of activity in the UK economy).
Street forecast is looking for 57.5 vs previous reading of 57.2, a stronger-than-expected number wud spark off brad-based short-covering in the pound.
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