[B]Intra-Day Market Moving News and Views
24 Apr 2015 [/B] [I]02:34GMT[/I]
[B]GBP/USD -[/B] ....... Cable rebounded strongly on Thursday after a brief drop to 1.4960 in Europe after U.K. retail sales missed estimates. Despite subsequent rally to session high of 1.5070 in NY afternoon, selling interest below Wednesday's 5-week peak at 1.5080 capped intra-day gain at 1.5070 n price subsequently retreated to 1.5042 at Asian open and then marginally lower to 1.5036.
Due to the absence of U.K. economic events on Friday, the British pound is likely to track euro’s intra-day move closely, however, near term ‘active’ unwinding in eur/gbp cross (eur/gbp rallied from 0.7111 to 0.7198 on Thur) should weigh on the demand on cable today.
At the moment, offers are tipped at 1.5060-70, 1.5080-90 n more around 1.5100 with mixture of offers n stops located at 1.5120-30, whilst bids from various accounts are placed at 1.5010-00 and then 1.4980-70 with stops emerging just below yesterday’s low at 1.4660.
Reuters reported earlier BoJ Governor Haruhiko Kuroda said that the country’s trend inflation is steadily improving due to a tightening output gap and rising inflation expectations.
Kuroda, speaking in parliament, said the output gap is estimated around zero and will continue to improve ahead, while anchoring inflation expectations near 2% is very important in achieving the central bank’s price stability goal.
[B]Friday[/B] will see the release of Germany’s Ifo business climate and U.S. durable goods.