LONDON (MNI) - Cable traded with a firm tone through European morning
trade, despite most early reports suggesting the pound had a soft feel, with
traders suggesting shorting the pound.
Late morning sales of euro-sterling extended its corrective pullback from
Tuesday's highs of stg0.8161 to stg0.8134, the move providing cable with some
underlying buoyancy and was seen offsetting any negative effect from the release
of disappointing UK trade data.
CABLE: Closed in NY at $1.6055 after recovering off traded lows at $1.6029,
the rate having seen highs earlier in the day at $1.6129. Tuesday had seen
corrective action following on from Monday's move into risk positions, with main
corrected moves overnight led by a yen recovery.