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Cable sold again as UK data disappoints

UK manufacturing PMI data has given GBPUSD another kick lower 3 May 2016

Disappointing, but not entirely surprising, data for April UK mftg PMI and all relative given its low impact on UK GDP (more's the pity) but we've seen the pound in retreat after a good session so far.

GBPUSD has tested immediate support/demand around 1.4720 with more noted behind that into 1.4700. EURGBP now holds a big clue with offers/res between 0.7865-70 being tested and breached and that's helping to cap cable and push EURUSD back toward 1.1600 after retreating below 1.1590 from the 1.1615 highs. DAX falling again adding to the renewed euro demand.

USDJPY remains a key driver and the hold above 105.50 led initially to some yen-pair selling driving core pairs higher but then came the USD demand reflected elsewhere. USDJPY still remains on the back foot though and we can expect good supply between 105.80-106.00.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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