Cable is seeing relatively steady early afternoon trade, presently at 1.5110. The pairing is trying to recover having earlier posted a 1.5082 session low. What isn’t particularly helping is the fact S&P futures trade near their lows, presently off 13 points.
Something ECB’s Ordonez said to reporters at the BIS central bankers conflab in Basle keeps nagging at me. The offical said that improved economic signs are coming from soft indicators only. By this I quess he means sentiment indicators say as opposed to jobs, production data. I have to admit todays release of French and Italian industrial output data made for pretty poor reading.
I’m trying to keep the faith as a borne again optimist, honest I am. Sometimes it’s just a little difficult.
Technical support for cable lies at 1.5080, 1.5050 and 1.5020/25, resistances up at 1.5130/35 and 1.5150.
