Cable has advanced about 20 pips since I got in, presently at 1.6285. Interesting to see Sean’s report of China with a 1.60-1.6300 dnt in place. Certainly makes sense given recent price action and all the talk Sean had of China buying down around 1.6000. Gotta expect fairly lumpy stops gathering not far north of 1.6300, but as yet don’t have exact level/s.
Nationwide house price data for February has just come out; +0.3% m/m, -0.1% y/y. That’s stronger than median forecasts of -0.3%, -0.3% respectively.
UPDATE: Cable garners no immediate lift from the house price data. As we’ve mentioned before, the price action surrounding this data always looks suspicious ot me. Almost as though it’s been leaked, although I have no direct evidence of such.
More data due later:
09:30 GMT: M4 money supply for January
09:30 GMT: Mortgage approvals for January expected 42.5k from 42.6k; net consumer credit 0.1 bln; net lending on dwellings 0.1 bln
09:30 GMT: Manufacturing PMI for February expected 61.5 from previous 62.0
