Tripped stops below 1.9550 have helped depress cable to new five-daylows just south of 1.9540, against a backdrop of lessened risk of a UK rate hiketo 5.5% this Thursday. That lessened hike risk derives from January's disappointing UK service sector PMI. 1.9550 is now a rebound resistance level.
Upper obstacles include 1.9564 (today's London morning low), 1.9590, 1.9600, 1.9628 (today's Asian session base), and 1.9638 (Friday's floor). 1.9510 and 1.9483 (last Wednesday's 19-day low) are touted bear targets under 1.9535/40. News-wise: experts are still trying to determine the source of an outbreak of H5N1 bird flu at a Suffolk farm as a cull of thousands of turkeys nears its end (BBC website).
On the M&A front: American private equity company Apollo is reportedly planning a GBP 950mn bid for Countrywide (Sunday Times). January's US ISM non-manufacturing index will be disclosed at 15:00GMT. Forecast: 57.0, from 56.7 in December.
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