Cable hits the highs of the week as the US dollar slips following retail sales
Cable gains after US retail sales
The US dollar slipped after the retail sales report and a strong bid for the pound materialized. The rally in cable took the pair to the highs of the week at 1.3133 before a slight pullback to 1.3225.
Yesterday cable tried to make a run higher earlier but was pulled back on a USD-bid following a weak Treasury auction.
In the big picture, the pound continues to consolidate in a relatively tight range after the big July rally.
The August high was 1.3186.