Intra-day Market Moving News and Views
30 Jun 2015 03:09GMT
GBP/USD - ..... Cable showed muted reaction to early release of upbeat U.K. consumer confidence. Reuters reported British consumer morale surged to its highest in over 15 years this month as shoppers said they were ready to spend, a survey showed on Tuesday, adding to signs that growth is picking up after a weak start to the year.
Although cable rebounded in tandem with euro on Monday and ratcheted higher from a 2-week trough at 1.5645 (NZ) to 1.5789 near European close, active cross-selling in sterling especially vs euro knocked price down to 1.5720.
Later, cable briefly rebounded to 1.5762and then moved in a relatively narrow range of 1.5722-1.5733 in NY afternoon and as well as in Asian morning on Tuesday.
If the actual readings of the UK GDP are higher than forecasts, then we may see a boost higher in the British pound across the board and therefore, buying cable on intra-day dips is recommended.
At present, bids are noted at 1.5700-1.5690 and more around 1.5670 with mixture of bids and stops at 1.5650-40.
On the upside, offers are reported at 1.5745/50, 1.5760-70 and then 1.5785/90 with stops building up just above 1.5800.
Tuesday will see the release of U.K. GfK consumer confidence, New Zealand NBNZ business outlook, Australia's HIA new home sales, Japan's construction order and housing starts, Germany's retail sales, Swiss KOF indicator, Germany's unemployment rate, U.K. current account, GDP, inflation report hearings, Canada's GDP, U.S. Redbook, Chicago PMI and consumer confidence.
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