Intra-day Market Moving News and Views
28 Jul 2015 02:41GMT
GBP/USD - ..... Despite cable brief but sharp retreat from 1.5544 to 1.5490 in European morning on Monday due active cross-selling of sterling vs eur & yen, price ratcheted higher in tandem with euro in NY morning to 1.5595 before retreating.
Later, cable edged lower to 1.5553 in NY afternoon and then moved sideways in Asian morning.
Expect yesterday's high to hold from here as market focus is on the release of U.K. Q2 GDP at 08:30GMT. Forecast for the preliminary estimate of UK 2nd quarter GDP from the Office for National Statistics (ONS) to show a 0.7% quarter-on-quarter increase following a 0.4% rise in the first 3 months of the year.
At the moment, bids are noted at 1.5550-40 and more below with stops reported below 1.5520.
On the upside, offers are tipped at 1.5580-90 and more above with stops building above 1.5600.
Tuesday will see the release of Australia's NAB business confidence, U.K. GDP, Canada's producer prices, U.S. Redbook, Markit services PMI and consumer confidence. Market players are now focusing on this Wednesday's Federal Reserve policy meeting.
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