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Can Cable Push Past 1.5700?
Earlier this week cable set fresh 7 week highs after slightly hotter CPI readings suggested that disinflation may have hit a trough. But after taking out the 1.5700 level sterling languished and then relinquished the figure.
Not even the dovish tone of the FOMC minutes could push the unit higher for more than a minute as markets preferred to express their anti-dollar views through euro and yen. One reason for the hesitation in the pound may have to do with the fact that market participants now believe that BOE will have to push off any plans to hike rates until the Fed finally commits to normalization.
Tonight however, the bulls could get a second wind if UK Retail Sales beat their mark. A better than expected reading could convince the market that UK consumer is stronger than he appears and could push the cable through the 1.5700 level for good.