Intra-day Market Moving News and Views
29 May 2015 02:51GMT
GBP/USD- ..... Although cable fell to a fresh 3-week trough at 1.5260 following the release of weaker-than-expected UK GDP data (2nd reading) in Europe on Thursday, the British pound rebounded in tandem with euro during the NY session and then climbed to 1.5343 in Asian morning on Friday.
Due to lack of important U.K. economic data today, the British pound is likely to follow intra-day swings in the euro. As investors have shrugged off the poor reading of Gfk consumer confidence for U.K. reported released earlier in Asia on Friday, buying the British pound on dips is recommended.
At present, bids from various accounts are reported at 1.5325/20, 1.5310/05 and then around 1.5300 with mixture of bids and stops at 1.5280-70.
On the upside, cross-related offers are tipped at 1.5345/50 and more at 1.5360-70 with release selling interest noted further out around 1.5400 .
Friday will see the release of New Zealand's building consents, U.K. GfK consumer confidence, Japan's CPI, household spending, unemployment rate, industrial production and IP forecast, Australia's HIA new home sales, Japan's construction orders, housing starts, Swiss GDP and KOF indicators, Canada's GDP and U.S. Chicago PMI.
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