Not a very big call in that we spend most sessions consolidating what went on overnight. Sterling was the volatile one again overnight with cable up and down inside a 200 pip range- 1.6170/1.6370. I doubt very much if Asia … Continue reading
This is the largest deficit since January and is wider than the forecasted STG 6.85 billion. Cable is unchanged at 1.6280 and the market still smells short to me. Initial stops above 1.6300 have been triggered and I expect to … Continue reading
EUR/GBP resistance at .9090 held for the second straight day and GBP shorts are likely feeling a little unsure of themselves especially with the budget report not far away. The cable market closed in NY at 1.6275, fell over 100 … Continue reading
And thankfully it’s still falling. This looks like a pure USD move with the greenback also falling against the other majors. Gold has reclaimed about 1/3 of the losses it made during the Asian session, currently at $1136 after closing … Continue reading
I knew a cable trader back in the day who used to make his entire yearly budget in December. Only Mad Eamonn was mad enough to make a market all month long and he used to make a fortune. We’re … Continue reading
Sorry for using the same analogy so frequently but that’s exactly what’s happening. Cable selling is putting pressure on EUR/USD but EUR/GBP buying is countering that. USD/JPY selling is undermining the USD component of EUR/USD but EUR/JPY selling is off-setting … Continue reading
The JPY crosses were meandering happily along until a few minutes ago when EUR/USD fell 30 pips, AUD/USD fell 25 pips, cable got crunched again, falling to 1.6210 and USD/JPY also fell 15 pips. An almost exact carbon copy of … Continue reading
Dealers say that the sizeable bids that were seen above 1.6250 in cable during the NY session did not materialise and the stops below 40 and 30 were then easy pickings. EUR/USD fell in sympathy.
As Jamie mentioned a few times in his overnight commentary, there was some very significant buying of cable ahead of 1.6250 overnight with China seen as the main buyer. Heavy stops are also touted below 1.6230. The cable buying allowed EUR/GBP … Continue reading
Industrial output was unchanged MoM whilst the market generally expected a small rise. This equates to an 8.4% fall, YoY. Sterling is slightly weaker but still sitting on s/t support levels against both the EUR and the JPY.