Forex - EUR/USD, GBP/USD Flows: USD gives some back after IP data ... Cable still looks heavy though


 14:48 (GMT) 15 Feb

  [Forex Flows]

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EUR/USD, GBP/USD Flows: USD gives some back after IP data ... Cable still looks heavy though (0100-LMBF-C01)

Industrial production took a little of the gloss of the preceding US data releases (though is quite positive in the underlying detail) and it doesn't look as though EUR/USD is on the fast track to test 1.0500 in its wake. Once again, however, it's Cable promising the better returns as the modest bounce holds well short of 1.2430/35 and keeps 1.2345 support in view as the next downside level to watch for. If EUR/USD closes back over 1.0550/55 it will again ask some difficult questions of long term shorts' commitment to a run to at least the January low at 1.0340, the debate over whether we see a run at parity up for debate after that. PB


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