[B]Intra-Day Market Moving News and Views
09 Apr 2015[/B] [I]08:20GMT [/I]
[B]GBP/USD[/B] - ...... Cable tumbled in European morning due to active cross-selling in sterling n price easily penetrated Tuesday's low at 1.4803 to 1.4769 after triggering stops which were located below 1.4800.
Although intra-day weakness suggests consolidation with downside bias would be seen in European morning, sharp move from here is not unlikely as short-covering should emerge ahead of BoE monetary policy decision at 11:00GMT (although market expect it will be non-event).
Offers from various accounts are noted at 1.4800-10, 1.4825/30 and then 1.4840-50 with stops emerging above 1.4870, whilst bids are placed at 1.4750-40 and then 1.4730-20 with stops located just below 1.4700.
The British house price growth rebounded in monthly terms during March but slowed further on an annual basis, according to a survey from mortgage lender Halifax on Thursday.
Halifax said house prices rose 0.4% in Mar from Feb, compared with a forecast for a rise of 0.2% in a Reuters poll. Prices had declined by 0.4% in Feb, a sharper fall than first estimated.
Prices in the 3 months to March were 8.1% higher than they were a year earlier, compared with an increase of 8.3% in the 3 months to Feb n below a peak of more than 10% in mid-2014.