[STG/YEN] stays at the 13
By[STG/YEN] stays at the 131's after dropping to the sub 131 territory
briefly in Ldn morning time yesterday. The rebound was due to overall Yen
crosses' rally on resumed risk-on trade, and not on UK's Q3 revised GDP
that came at +0.8% qoq or +2.8% y/y as expected. Eur/Stg's fall through
the 0.8450 base on massive stop sales there took place around the timing
of Stg/Yen's decline, so the Stg flows were actually mixed in very good 2
way businesses. Sovereign demand of the Eur/Stg later for the purpose of
UK's loan to Ireland was then noted later, so generally Stg/Yen's move
appeared limited both side. "UK recovery won't be knocked off course by
spending cuts" on The Telegraph today is from BOE Sentance. The pair is
sitting on the Ichimoku cloud (130.19-131.40)
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