Macro Morning: Cable crunch

By Chris Becker

Two new lows were made last night, first Cable was smashed to a near 2 year low on a poor BOE inflation report while oil broke down again, with Brent below $80, possibly on the back of the new China-US climate change agreement.

Other catalysts were ECB President Draghi’s comment – but with no ability to act – that EZ unemployment was “unacceptable” which saw some large intra-session volatility in the euro. However, looking at the four hourly chart we can see that the failed union currency is still ranging around its point of control: