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FX Update- Cable Remains Below 1.50

Posted:01/12/2008 13:56 by Keith Lobodzinski
Cable recorded 1.4964 lows in early N.Y. traded after another line of stops were flushed out below 1.5000. Support at 1.4950 has provided temporary support, which encouraged profit taking by intraday accounts. However, any upside movement has been shallow, with risk firmly skewed to more downside pressure. Stop losses are tipped below 1.4950 and 1.4930, while a modest size 1.4900 strike is confirmed for today's 15:00GMT N.Y. cut and could exert an influence as we enter the options cut. Meanwhile, there has been increased interest for the short end of the Cable options curve, which came on a dramatic increase in range-based volatility/gamma and general demand to cover this week's MPC announcement and Friday's NFP data. 1-wk was paid as high as 25.5%, while the 1-mth is holding on to its bid at 22.5/23.0%. click here to return to the top of the page
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