“It has been in a four cent range, mostly between $1.56 and $1.60. Since the middle of the month it has, with one brief exception, stayed in the lower half of that range”.
“The precipitous drop in oil prices is yet another factor pushing the market in the direction it was going in any event, and that is to defer the first rate hike”.
“Ahead of the weekend the December 2015 short-sterling futures contract set a new high for the year (which implies lower interest rate)”.
“A break of $1.56 targets $1.5540 then $1.5500. We see near-term potential extending toward $1.5425”.
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