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Admittedly much of this impressive pep is down to general Dollar weakness. Expectations have crystallized that rates will head lower Stateside after the Federal Reserve meets in September.has sprung a pleasant surprise, suggesting that the country is out of a recession that has in any case been much shorter and shallower than the norm.
The rest of the week’s playing field will be dominated by US releases. There are plenty of superstar speakers, including Fed Chair Jerome Powell and Treasury Secretary Janet Yellen. There’s some top-line data too, including durable goods orders and the University of Michigan’s time-tested look at consumer confidence.
Sterling bulls will have to work hard to consolidate their position above psychological support at 1.2600 as there’s little obvious nearby strong support above that at present. Retracement support at 1.24871 looks very solid though, as does support in the mid 1.25 region from earlier this month.
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