Cable is appreciably firmer from where London left off yesterday, presently at 1.8220. The move higher accelerated in North American trading once Europe had headed for the hills, when a U.S. custody bank stepped into a very illiquid cable market and executed what is said to have been a very substantial buy interest. The move came against the backdrop of a generally heavy greenback and the Lloyds TSB takeover of HBOS obviously helped matters. There are a number of U.K. data releases today with the main ones being retail sales and M4 money supply scheduled for 9.30 local time. August retail sales are expected to show a decline in the 0.5% region month on month following July’s 0.8% rise, with annualised sales expected up 1.6% versus 2.1% in July. August provisional M4 money supply is expected to rise 0.7% on a monthly basis after a 0.9% rise in July. Year on year gain seen at 10.5% from July’s 11.2%.
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