The Trader 

Market Outlook update: Stabilisation? Pound rallies, Europe shares up

Market Outlook update: Stabilisation? Pound rallies, Europe shares up

16:45 Pound rallies as Europe sees stability creeping in

Sterling stabilised after its nasty little fall yesterday, rallying off its lows at 1.14750 struck overnight as risk appetite seemed to return a bit today. GBPUSD recovered the 1.17 handle before it ran out of steam on the 50-hour moving average at 1.18, seeing it pull back to 1.1660. Efforts by the Federal Reserve to establish swap lines with a number of other central banks seems to have helped. The swap lines ought to ease the global dollar funding squeeze. We also probably saw speculative bounce on oversold conditions.

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