Strategist Kit Juckes at Societe Generale argued the sterlingremains well supported for the time being.
“The biggest rate mover yesterday was the front end of the sterling curve, though 'biggest' rather overstates the move!”.
“The GDP data were a mixed bag, details less impressive than the headline, but the pace of rate hikes implied by the front end of the UK curve is slower than in the US and has room to adjust, providing support for sterling as long as we don't talk about the balance of payments, or Brexit”.
December 9, 2016 Gold is tired of moving in the range
On the daily chart of gold, the bears remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116...
December 9, 2016 Oil prices ignored bigger-than expected drop
After an Asian consolidation oil prices moved higher on Thursday. The price slightly grew and reversed the minor part of its losses. The benchmark approached 53.50 post-Europe open. The price stayed below the 50 and 100 EMAs in the 1 hour chart...
December 9, 2016 EURUSD Trades Below Significant Resistance
The Italian referendum weighed on EUR/USD, fell to a year low of 1.0506 on 5th December. It was followed a quick recovery, as a result of the rebound of the Euro after testing the significant support level at 1.0500. Yet it retraced after testing the significant resistance level at 1.0800...
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