Yesterday’s Durable Goods orders from the US were in line with forecasts, and sales of new homes jumped 13% to a new record for October. Consumer confidence was also firm, giving investors a good indication that Xmas sales will be strong.
The dollar reacted predictably to these reports, undoing a large part of Monday’s rally in the cable and eurusd rates. Further reports from the US this afternoon should help to give further direction.
UK CPI this morning (09:30) is unliekly to give the market any clear view on interest rates, unless it is well out of the expected range of 2.3% – 2.5%.
GBP EUR – Support 1.4580, 1.4535/50 then 1.4500
Resistance 1.4650 then 1.4742
GBP USD – Support 1.7160, 1.7140 then 1.7050
Resistance 1.7270/85, then 1.7345
DATA: UK CPI (09:30)
EMU Q3 GDP (10:00)
UK Consumer Confidence (10:30)
US Q3 GDP (13:30)
Chicago PMI (15:00)
Related posts:
