CABLE: Rate pushed to a high of $1.5534 Wednesday and has drifted lower
ever since. Rate closed NY at $1.5465, edging back to $1.5477 in early
Asia before continuing slippage. Rate found support around $1.5450,
bounced back to $1.5470 as risk appetite gained a boost from the release
of strong australian jobs data. However, this recovery didn't last long
and rate reverted to drifting lower again. Rate touched an overnight
session low of $1.5442, with early Europe squeezing the rate on to lows
of $1.5400. Rate retains a heavy tone, seen resting on this low at
writing. A break below the figure to allow for a deeper move toward
$1.5385/80 ahead of $1.5355/50. Focus today on BOE MPC rate decision
with most expecting no change in rates/QE.