Intra-day Market Moving News and Views
03 Jul 2015 02:46GMT
GBP/USD - 1.5608... Although cable staged a rebound from a fresh 2-1/2 week trough at 1.5580 in European morning on Thur n climbed to 1.5624 after release of upbeat Markit/CIPS construction PMI, active cross-selling in sterling knocked price lower to 1.5562 in NY morning before broad-based weakness in the greenback lifted price briefly to 1.5640 after tepid U.S. jobs data. Later, cable edged lower to 1.5592 near NY close and then climbed back to 1.5624 in Asia on Friday.
Today's focus for the British pound is on the release of important Markit/CIPS service PMI at 08:30GMT.
Street forecast is for reading to improve to 57.4 in June compares to 56.5 in previous month. Until then, sideways range trading inside yesterday's intra-day range of 1.5562-1.5640 is likely to be seen.
At the moment, bids are tipped in 1.5580-60 region with stops building below 1.5550, whilst offers are reported at 1.5630-40 with selling interest from various accounts up from 1.5660 to 1.5680.
Friday will see the release of Australia's retail sales, China's HSBC services PMI, Germany's and U.K. Markit services PMI, eurozone retail sales. U.S. will be closed for Independece Day holiday on Friday.
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