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.
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