Intra-day Market Moving News and Views
05 May 2015 02:29GMT
GBP/USD - 1.5120... The British pound tracked euro's intra-day move closely on Monday. Despite staging a recovery after early intra-day's sell off from 1.5175 (Europe) to 1.5090 at NY open, price met renewed selling interest at 1.5149 and quickly weakened to 1.5099 on renewed usd's broad-based strength following upbeat U.S. factory orders before moving very narrowly in NY afternoon and as well as during Asian morning on Tuesday.
U.K. markets will return today after yesterday's Early May Day holiday The Markit research group will release its U.K. construction PMI index at 08:30GMT.
Market expects a slight drop in the index to 57.4 in Apr from 57.8 in previous month.
Expects sideways move above yesterday's low at 1.5090 to continue in subdued Asian trading but selling the British pound on intra-day recovery is recommended due to recent weakness in European ccys vs the usd.
At present, offers are noted at 1.5135/40, 1.5150-60 n more at 1.5170-80 with stops building up above 1.5180, whilst bids are placed at 1.5100-1.5090 with some stops below there.
Tuesday will see the release of Australia new home sales, exports, imports, trade balance, RBA rate decision, France budget balance, UK construction PMI, EU producer prices, Canada imports, exports, trade balance, U.S. trade balance, Redbook retail sales, ISM non-manufacturing and services PMI.
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