Intra-Day News and Views (GBP/USD) & data to be released today: Dec 18, 2014

Intra-Day Market Moving News and Views

18 Dec 2014   02:40GMT
GBP/USD - ...... Cable is nursing yesterdays sharp losses in quiet Asian trading on Thur after o/n sell off below Dec's 1.5541 low to a fresh 14-1/2 month trough of 1.5530 after Fed Chair Yellen's hawkish remarks at the post-FOMC press conference.
Despite tripping stops in a rather illiquid late NY session, short covering quickly lifted the pound once the sell stops were done.
Price briefly bounced to 1.5603 n then moved narrowly in Australia. Asian traders are happy to stay on the sideline until European open.

Looks like Wed's low print would continue to hold until release of key U.K. retail sales data at 09:30GMT. Street forecasts are looking for a weakish Nov number with M/M to be 0.3% vs previous reading of +0.8% whilst Y/Y figure is expected to be 4.4% vs previous reading of 4.3%.
If both readings come in weaker than forecast, one can expect another round of pound bashing.
Until then, offers are noted at 1.5600/10 and more above with stops reported above 1.5630.
Initial bids are noted at 1.5505-00 with some stops below there.

Thursday will see the release of New Zealand's GDP, Australia's RBA Bulletin, China's House Prices, Switzerland's Trade, Germany's IFO Business Climates, IFO Current Conditions, IFO Expectations, U.K.'s Retail sales, U.S. Markit Service PMI, Jobless Claims and Philly Fed Business and Leading index change. Japan's BoJ will begin its 2-day meeting.