Demand circa 1.9260 has propped cable since its retreat from early Europe highs just shy of touted offers at 1.9305 (today's Asian session peak). The early Europe rise was attributed to good size corporate buying. Further demand is noted at 1.9240, with some stops tipped below 1.9225/30. 1.9200 and 1.9185 (yesterday's 15-week floor) are support points south of 1.9225.
Central Bank demand was noted near 1.9225 and 1.9185 yesterday. Today's Asian session base was 1.9186. Additionally flagged sell interest at 1.9320 represents a bull target north of 1.9305. Some stops are pegged above 1.9330. US Q4 revised productivity and labor cost data is due at 13:30GMT, with January factory orders and pending home sales ensuing at 15:00GMT.
Annualized productivity growth is expected to be revised down to 1.5%, with annualized labor costs forecast at 3.2%. Factory orders are forecast down 4.5% m/m. Pending home sales are forecast down 1.2% m/m. Former Fed chairman Alan Greenspan says there is a "one-third probability" of a US recession this year (Bloomberg).
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