BoE Deputy Governor Rachel Lomax is due to speak at DeMontfort University in Leicester at 18:00GMT. Lomax voted against the 25bp UK rate hikes delivered in January and last November. A raft of US data, plus slated 15:00GMT comments from Fed chairman Ben Bernanke, are due pre-Lomax.
That raft of data includes the 13:30GMT second estimate of Q4 GDP, the 14:45GMT unveiling of February's Chicago PMI index, and the 15:00GMT disclosure of January new home sales. GDP is forecast at 2.3%. The Chicago PMI index is forecast at 50.0. New home sales are forecast at 1080k. Tripped stops below 1.9620, 1.9600, 1.9590 and 1.9540 helped depress GBP/USD to an intra-week low of 1.9519 during the European morning, amid talk that about half-a-yard of GBP would be sold today re: an MSCI re-weighting.
Highs just shy of 1.9590 have been notched on the recovery rally from 1.9519. Upper obstacles include 1.9603 (yesterday's NY session base), 1.9619 (today's Asian session floor), 1.9644 (today's Asian session top), 1.9674 (yesterday's 12-day high), and 1.9700.
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