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Cable Fell to 1.6323 After Weak U.K. Manufacturing Data

Posted by Chris Advincula on Feb 3, 2014 6:55:00 AM

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Cable weakened and fell 112 pips against the dollar from 1.6435 to 1.6323 in Europe from the lower than expected U.K. manufacturing data. Euro-sterling advanced 62 points to 0.8276 from 0.8214. The 10-year gilt yield rose two basis points to 2.73 percent. The 14-day moving average for cable declined steadily from 1.6420 to 1.6325.

The U.K. factory output PMI fell to 56.7 in January from a revised 57.2 in December. The data came in below the market median estimate of 57.3. 

 

Chris Advincula

WorldWideMarkets

 

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Chart: WorldWideMarkets Alpha Trader

 

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