FX Update: Sterling turns defensive ahead of UK releases
First Published Friday, 10 July 2009 02:05 pm - © 2009 Need to Know News
Cable pulled back in to 1.6350 vs. an intra-day peak of 1.6481, while EUR/GBP rallied out of its 0.8431 lows to trade back in to 0.8490.
Asian central bank offers were noted in early Europe and stopped a run up to 1.6500 and encouraged light selling from UK clearers and European interbank names.
The subsequent losses across European indices have also dampened speculative positioning, which forced GBP/JPY from 159.00 down to 157.50 after good size stops were flushed out below 158.00.
