The London session was relatively quiet as traders bid adieu to one of the slowest weeks of the year. European bourses have rallied smartly and are more than 1% in the green at last look. Eurozone data was mixed as consumer confidence missed expectations slightly while the business climate indicator came in better than forecast. Commodities retained their bid with oil trading upwards of $73 while gold remains comfortably above the $950 pivot here.
The lack of any earth-shattering news made for a rather range-bound session. EUR/USD opened with an offered tone and dipped to the 1.4326 session low. The pair recovered to trade into the 1.4360/70 zone as equities became better bid. The 1.4400/10 area should continue to be decent short-term support. Cable caught a nice bid and rocketed to a 1.6381 high after opening around the 1.6300 zone. We are hearing decent stops building into the 1.64 level so a break above could see some fireworks.