Intra-Day Market Moving News and Views GPB/USD
16 Apr 2014 02:21GMT
GBP/USD - 1.6721.. We mentioned in y'day's update short-term specs sold the pound in Asia in anticipation of a soft U.K. inflation number, European traders did the same when they entered the market n when CPI came out at a 4-year low of 1.6% as per market consensus, cable staged a ferocious rebound fm 1.6657 (Reuters) to as high as 1.6731 on broad-based short-covering/profit-taking (depending where you had ended there trade !), pric later ratcheted higher to session high of 1.6749 b4 retreating.
The intra-day sideways move despite y'day's strg rebound suggests Asian players are respecting the Tue's high print as offers were reported at 1.6745/55 with stops abv there, however, more selling interest is noted at 1.6780/90. On the downside, some bids are reported at 1.6710-00 n more below, so range trading is expected ahead of another batch of U.K. jobs data.
Pay attention to U.K. jobless claims, employment change & the unemployment rate at 08:30GMT, the employment change data is probably the more important figure to watch, street forecast is looking for an increase of 90k vs previous reading of 105k, if the increase falls short of expectation, then expect (pun intended) another round of sterling bashing to come in.
16 Apr 2014 02:21GMT
GBP/USD - 1.6721.. We mentioned in y'day's update short-term specs sold the pound in Asia in anticipation of a soft U.K. inflation number, European traders did the same when they entered the market n when CPI came out at a 4-year low of 1.6% as per market consensus, cable staged a ferocious rebound fm 1.6657 (Reuters) to as high as 1.6731 on broad-based short-covering/profit-taking (depending where you had ended there trade !), pric later ratcheted higher to session high of 1.6749 b4 retreating.
The intra-day sideways move despite y'day's strg rebound suggests Asian players are respecting the Tue's high print as offers were reported at 1.6745/55 with stops abv there, however, more selling interest is noted at 1.6780/90. On the downside, some bids are reported at 1.6710-00 n more below, so range trading is expected ahead of another batch of U.K. jobs data.
Pay attention to U.K. jobless claims, employment change & the unemployment rate at 08:30GMT, the employment change data is probably the more important figure to watch, street forecast is looking for an increase of 90k vs previous reading of 105k, if the increase falls short of expectation, then expect (pun intended) another round of sterling bashing to come in.
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