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Tuesday, February 27, 2007

Sterling Outlook (27th February 2007)

Demand at 1.9630 is currently propping cable, following its retreat from European morning 12-day highs just shy of 1.9675. Asian Central Bank offers (from 1.9670) helped to cap GBP/USD at those 12-day highs. Some stops are touted above 1.9680. A pre-1.9680 peak was scaled on February 15.

Sub-1.9630 support points include 1.9610 (yesterday's NY session base) and 1.9590. Intra-week lows just shy of 1.9590 were plumbed in early European trade. EUR/GBP offers are flagged at 0.6730, with some stops tipped above 0.6735. News-wise: US Vice President Dick Cheney escaped injury when a suicide bomber attacked an Afghan airbase he was visiting (Sky News website). US January durable goods orders are due at 13:30GMT. Forecast: down 3.0% m/m. February's US consumer confidence gauge and January existing home sales ensue at 15:00GMT.

These are respectively forecast at 108.5 and 6.24 million. February's Nationwide UK house price survey will be published at 07:00GMT tomorrow. GfK's February UK consumer confidence index follows at 10:30GMT. BoE Deputy Governor Rachel Lomax also speaks tomorrow.

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