Intra-Day Market Moving News and Views
30 Mar 2015 09:21GMT
GBP/USD - ...... Although the British pound opened slightly higher in NZ and gained to 1.4901 at Asian open, price fell to 1.4855 in Asian morning, then lower in tandem with euro to session low at 1.4802 in European morning. However, cable found some support there and rebounded to 1.4866 and continued to trade with a firm bias.
Bids are now seen at 1.4820/30 and more below at 1.4800/10 with stops building up above there whilst initial offers are noted at 1.4890/00, this suggests further choppy trading would be seen till NY open.
Earlier this morning despite initial brief bounce to 1.4901 in Aust. following Reuters news of ruling Tory party's 4-point lead over the Labour party, intra-day weakness in eur/usd knocked cable briefly lower to 1.4862 in Asia before stabilising.
The pound is expected to move closely with euro today due to lack of U.K. economic data (mortgage approvals are out at 08:30GMT and choppy trading above Friday's 1.4797 low is expected today.
Having said that, the strong bounce from 1.4797 to 1.4923 Friday due to hawkish comments by BoE Gov Mark Carney suggests buying sterling on dips is favoured.
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