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The Cable has cleared our 4th tier uptrend line and its psychological 1.65 level as the currency pair runs higher with the risk trade. Investors are heading back to riskier investment classes after China's Manufacturing PMI results showed Dubai's debt issue does not necessarily imply a slowdown in the overall growth of emerging markets. In addition to China's positive data release, the RBA raised its benchmark rate by another 25 basis points as widely expected. The RBA's vote of confidence in Australia's economic recovery is encouraging investors to reconsider the risk trade after the occurrence in Dubai shook FX markets. The Cable is a direct beneficiary of this boost in confidence despite a lighter than expected UK Manufacturing PMI number. However, UK's economy is more service-based, reducing the weight of manufacturing. Furthermore, Nationwide's HPI figure printed in line with expectations, implying a stable UK housing market. As a result, the Cable is showing little hesitation to participate in today's broad-based weakness of the Dollar.
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